OREANDA-NEWS. March 31, 2008. The International Rating Agency "Standard & Poor's" has raised long-term credit rating of AS "Latvijas Krajbanka" from B to B+. Short-term credit rating has been repeatedly affirmed at the level of B. The outlook is stable, reported the press-centre of Latvijas Krajbanka.

In its report Standard & Poor's informs that rating upgrade reflects ongoing and potential support to AS "Latvijas Krajbanka" it could receive from its main shareholder - the Lithuanian Bank "AB Bankas "Snoras"".

In the report, Standard & Poor's explained that the main pressure on AS "Latvijas Krajbanka" ratings are the broadening of crediting services, low profit indicators and "a modest place" within the Latvian banking sector. However, it was noted that Latvijas Krajbanka is successfully operating within the over-heated Latvian economy.

Standard & Poor's mentioned the extensive branch system of Latvijas Krajbanka, the identification of the banks brand name and its high liquidity as some of the positive factors.

"We foresee that Latvijas Krajbanka will keep its financial profile if it continues to develop its branches and its corporate client servicing strategies," commented an S&P analyst.