Moody's drops Latvenergo

Moody's Investors Service said it has downgraded Latvenergo's issuer rating to A3 from A2, following an earlier decision by Moody's to downgrade Latvia's local currency rating to A3 from A2.

The outlook on Latvenergo's A3 issuer rating remains negative reflecting the negative outlook assigned to Latvia's A3 local currency bond rating, the agency said.

In accordance with Moody's government related issuer rating methodology, the rating of Latvenergo reflects the combination a baseline credit assessment of 10, A3 local currency rating of the Latvian government, high dependence and high support.

Moody's said its assessments of Latvenergo's baseline credit risk and government support remain unchanged at this stage.

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