On 09 January 2009 Moody's Investors Service downgraded the rating of all Latvian Mortgage Bonds issued by Motgage and Land Bank of Latvia to A2 from A1 and placed them on a review for possible downgrade.

The change in the rating is due to the downgrade of the long - term foreign currency deposit rating of Mortgage and Land Bank of Latvias to Baa1 from A3 on 07 January 2009.

As of December 31, 2008 the assets of Mortgage and Land Bank of Latvia were 948 mln. LVL and its equity capital together with subordinated liabilities comprised 91 mln. LVL.