Latvia's credit ratings increase

Yesterday, the International rating Agency Fitch, based on the rapid growth of the Latvian economy and the improvement of its investment climate, increased its credit ratings by one position in every criteria, changes are not made only for short-term rating. Thus, the
attractiveness of Latvia in regard to investment in its economy grew.

In addition, the Agency has increased the ratings of Latvia with a positive outlook: it is expected that Latvia will increase the level of GDP by 5% compared with 2011, and by 2014 will fulfill all the criteria for the EU and will enter to the euro zone.

Positive growth was also previously noted by the International rating Agency Standart & Roor's, which also raised Latvia's credit rating by 1 position.

«The decision of International rating Agency Fitch was influenced by the legislative changes adopted by the government of Latvia during 2012 and which entered into force in 2013

For example rules that make it increasingly attractive holdings registered in Latvia, will attract the attention of not only the business from the former Soviet Union, but European capitals. No additional requirements for such holdings (% of a subsidiary, the minimum period of ownership of subsidiaries, etc.) will allow us to man age financial flows. Certainly some clients who used the Cypriot companies interested Latvian companies will be interested in new alternative. This will lead to a redistribution of existing funding flows. Actually, it was also taken into account
during forming the rating agency rating of Latvia».