Latvia: Sovereign credit ratings

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Sovereign credit ratings in Latvia: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world. Sources: Fitch, Moody's, S&P, Scope.

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Agency Rating Outlook Date
Moody's A3 Stable 1/2024
Fitch A- Positive 1/2024
Fitch A- Positive 7/2023
Scope A- Stable 4/2023
Fitch A- Stable 2/2023
Standard & Poor's A- Stable 8/2022
Moody's A3 Stable 4/2022
Fitch A- Stable 2/2022
Scope A- Positive 1/2022
Fitch A- Stable 9/2021
Moody's A3 Stable 5/2021
Fitch A- Stable 3/2021
Fitch A- Stable 3/2021
Fitch A- Stable 10/2020
Fitch A- Negative 4/2020
Fitch A- Negative 4/2020
Standard & Poor's NR NR 1/2020
Standard & Poor's NR NR 1/2020
Fitch A- Stable 10/2019
Scope A- Positive 10/2019
Moody's A3 Stable 5/2019
Fitch A- Stable 4/2019
Fitch A- Stable 4/2018
Scope A- Stable 4/2018
Fitch A- Stable 10/2017
Scope A- Stable 10/2017
Scope A- Stable 10/2017
Standard & Poor's A- Positive 9/2017
Moody's A3 Stable 7/2017
Scope A- Under Review 5/2017
Scope BBB+ Under Review 5/2017
Fitch A- Stable 4/2017
Fitch A- Stable 11/2016
Fitch A- Stable 7/2016
Fitch A- Stable 5/2016
Fitch A- Stable 11/2015
Moody's A3 Stable 2/2015
Fitch A- Stable 9/2014
Fitch A- Stable 7/2014
Moody's Baa1 Stable 6/2014
Fitch A- Stable 6/2014
Standard & Poor's A- Stable 5/2014
Fitch BBB+ Stable 4/2014
Fitch BBB+ Stable 3/2014
Fitch BBB+ Stable 2/2014
Fitch BBB+ Stable 1/2014
Standard & Poor's BBB+ Positive 12/2013
Fitch BBB+ Stable 11/2013
Fitch BBB+ Stable 10/2013
Fitch BBB+ Stable 8/2013
Standard & Poor's BBB+ Stable 7/2013
Fitch BBB+ Stable 7/2013
Standard & Poor's BBB+ Stable 6/2013
Moody's Baa2 Positive 3/2013
Standard & Poor's BBB Positive 11/2012
Fitch BBB- Stable 8/2012
Fitch BBB- Stable 6/2012
Standard & Poor's BBB- Stable 5/2012
Fitch BBB- Stable 5/2012
Fitch BBB- Stable 2/2012
Fitch BBB- Stable 1/2012
Fitch BBB- Stable 12/2011
Moody's Baa3 Positive 6/2011
Standard & Poor's BB+ Positive 3/2011
Fitch BBB- Positive 3/2011
Standard & Poor's BB+ Stable 12/2010
Fitch BB+ Stable 9/2010
Moody's Baa3 Stable 3/2010
Standard & Poor's BB Stable 2/2010
Standard & Poor's BB Negative 8/2009
Standard & Poor's BB+ Negative watch 6/2009
Moody's Baa3 Negative 4/2009
Fitch BB+ Negative 4/2009
Standard & Poor's BB+ Negative 2/2009
Moody's Baa1 Negative 1/2009
Fitch BBB- Negative 12/2008
Standard & Poor's BBB- Negative watch 11/2008
Moody's A3 Negative 11/2008
Fitch BBB- Negative 11/2008
Standard & Poor's BBB Negative 10/2008
Fitch BBB Negative 10/2008
Moody's A2 Negative 9/2008
Fitch BBB+ Negative 1/2008
Moody's A2 Stable 9/2007
Fitch BBB+ Stable 8/2007
Standard & Poor's BBB+ Negative 5/2007
Fitch A- Negative 4/2007
Standard & Poor's A- Negative 2/2007
Moody's A2 Positive 3/2006
Standard & Poor's A- Stable 11/2005
Fitch A- Stable 8/2005
Standard & Poor's A- Stable 7/2004
Fitch A- Positive 7/2004
Moody's A2 Stable 11/2003
Fitch BBB+ Positive 11/2003
Standard & Poor's BBB+ Positive 7/2003
Fitch BBB+ Stable 7/2003
Moody's A2 Stable 11/2002
Standard & Poor's BBB+ Stable 8/2002
Standard & Poor's BBB Positive 8/2001
Fitch BBB Positive 7/2001
Fitch BBB Stable 9/2000
Moody's Baa2 Stable 12/1997
Standard & Poor's BBB Stable 1/1997

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Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope are modified with “+” or “-” from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major ratings categories.

Rating Outlooks indicate the direction the rating is likely to move over a one- to two-year period. In determining an outlook, consideration is given to any changes in fundamental business conditions. Credit Watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the four agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the Outlook/Watch can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a Stable Watch because they are only event driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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