On 4 September 2023 Moody’s Investors Service (Moody’s) published an updated JSC “Development Finance Institution Altum” (ALTUM) credit opinion where ALTUM’s Baa1 long-term issuer rating with outlook stable is the same as affirmed in December 2022. The baa3 baseline credit assessment (BCA) has also not changed along with the short-term issuer rating at P-2.

The Moody’s rating of Baa1 assigned to ALTUM is one of the highest issuer ratings assigned to corporate entities in Latvia. Initially a long-term issuer rating Baa1 was assigned to ALTUM in June 2017.

  Reinis Bērziņš, Chairman of the Management Board of Altum:

“We are proud to maintain ALTUM's high credit rating of Baa1 at this time of turmoil and challenges for the global economy. This confirms ALTUM's risk management professionalism and financial stability. The high investment grade rating helps us work effectively with investors and international financial institutions and continue to raise funding in the financial markets on the best possible terms for financing of sustainable business projects important to the national economy.”

JSC Attīstības finanšu institūcija Altum (JSC Development Finance Institution Altum) is a Latvia state-owned company that ensures access of the enterprises and households to the financial resources by means of support financial instruments - loans, guarantees, investments in venture capital funds - in the areas defined as important and to be supported by the state, thus developing the national economy and enhancing mobilization of the private capital and financial resources. On 16 December 2022 Moody’s Investors Service (Moody’s) reaffirmed Altum’s Baa1 long-term issuer rating, with outlook stable. The baseline credit assessment (BCA) was reaffirmed at baa3 as well. On 24 October 2017 the bonds issued by Altum were listed on a regulated market – Baltic Bond List of Nasdaq Riga.

         Laura Lapkovska
         AS Attīstības finanšu institūcija Altum Investors Relationships Division
         Tel.: +371 26165699
         E-mail: Laura.Lapkovska@altum.lv