OREANDA-NEWS. August 05, 2015. In accordance with the report of the international rating agency Moody’s Investors Service (Moody’s), the green bonds in the amount of EUR 75 million issued by Latvenergo AS have received a Baa2 credit rating and a stable outlook. The bonds were issued on 10 June 2015 within the second programme for the issuance of bonds of Latvenergo AS for EUR 100 million, with a fixed coupon rate of 1.9% and maturity on 10 June 2022.

Chairman of the Board of Latvenergo AS: “The issuance of green bonds was an ambitious, but a rationally justified step. Our leading plants operating on renewable resources – hydroelectric power plants – have also been highlighted in the Group’s credit rating assessment by Moody's. Undoubtedly, the green bonds and their assessment is further proof to investors that Latvenergo operates effectively and renewable resources is an advantage in the conditions of the open electricity market across the Baltics.”

The international credit rating agency Moody’s Investors Service assigned the long-term credit rating Baa1, stable to Latvenergo AS for the first time in March 2004. Furthermore, in June 2005, Moody’s raised the rating of Latvenergo AS to A2, stable, which also corresponded to Latvia’s sovereign credit rating. In 2009, due to the negative impact of the financial crisis on Latvia’s economy, the credit rating agency gradually downgraded the credit rating to Baa3 with a negative outlook. In March 2010, the outlook of credit rating was changed to stable, thus credit rating Baa3 with a stable outlook was in force until February of this year, when it was upgraded to Baa2, stable.