Latvia Economic and Fiscal Outlook

6 LATVIA'S CREDIT RATING RECENTLY REVIEWED AND REMAINS STABLE IN «A» LEVEL GROUP Rating agencies acknowledge flexibility of Latvia's economy, moderate level of government debt and swift policymaking that bolsters its creditworthiness Long-term Foreign Currency Rating Development Latest Rating Actions A+/A1 A/A2 A-/A3 • BBB+Baal BBB/Baa2 • BBB-/Baa3 • BB+/Ba1 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 S&P (A+ Stable) Moody's (A3 Stable) Fitch (A- Stable) A+/A-/A3/all Stable On April 29, 2022 Moody's affirmed long-term foreign currency sovereign credit ratings at the A3 level with Stable outlook On June 17, 2022 S&P Global affirmed long-term foreign currency sovereign credit ratings at the A+ level with Stable outlook On August 5, 2022 Fitch affirmed long-term foreign currency sovereign credit ratings at the A- level with Stable outlook • • • • Key Strengths of Latvia's Sovereign Credit Profile The flexibility of the Latvian economy and its resilience to the negative effects of the Covid-19 pandemic Track record of fiscal consolidation and implementation of structural reforms Moderate government debt-to-GDP ratio and moderate debt service cost burden Credible policy-making supported by EU and Eurozone membership NATO presence that mitigates risks from geopolitical tension in region Latvia's preparedness and progress made to ensure country's energy security Source: S&P, Fitch and Moody's

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