September 26, 2008. Moody’s Investor service has downgraded the outlook of Mortgage bank’s long-term currency liabilities rating A2 to “negative” from “stable”.

 

The change in the outlook is due to the change in the outlook of Latvia Republic long-term currency liabilities rating A2 to “negative” from “stable” conducted on September 25, 2008. The State JSC “Latvijas Hipotēku un Zemes banka” (Mortgage and Land Bank of Latvia) is a 100% state-owned bank and its rating is subjected to the so-called “national rating ceiling”.

 

The long-term national currency liabilities rating, assigned to the Mortgage bank, will remain on the current level A2 with the future outlook “stable”

 

As of 30 June 2008, the assets of the State JSC Mortgage bank were 997 mln. LVL and its equity capital together with subordinated liabilities comprised 97 mln. LVL.