Latvijas Krājbanka                                               04.10.2005



“Fitch Ratings” Raises Krājbanka’s Support Rating



The international rating agency “Fitch Ratings” has raised the bank’s 

support rating to level 4, following the JSC Latvijas Krājbanka’s change 

of shareholders.  



In the report “Fitch Ratings” experts indicate that the support rating has 

been raised from level 5 to 4 as a result of acquisition of Krājbanka’s 

controlling interest – 83.1% of shares in the mid-September by the third 

biggest Lithuanian commercial bank “Snoras”, controlled by the Russian 

“Kvestbank”.



Fitch indicates that Snoras, by applying its experience in providing banking 

services, and successfully working in Lithuania, will help with improvement 

of activities of Krājbanka’s branch network. 



The agency “Fitch Ratings” first rated Krājbanka in August, by determining 

Level B+ for long-term ratings in foreign currency, Level B for short-term, 

and Level D for the individual rating.



“We have just started our cooperation with Fitch Ratings, therefore the first 

ratings should be rather seen as a cautious step on the part of the agency 

towards a new player in the international market,” thus the ratings are 

commented upon by Krājbanka’s First Vice-President Uģis Latsons.



Krājbanka’s audited profits last year were 1.302 million lats, which is by 51% 

more that the year before that, while during the first six months of this year 

the bank earned 1.223 million lats, an increase of more than five times in 

comparison with the profit results for the first six months last year.  This 

year the bank expects to earn in total 2 million lats, which is considerably 

more that estimated before. 



JSC Latvijas Krājbanka

Press Secretary

Ieva Bethere

Phone 7092 055, 6300621