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6 LATVIA'S CREDIT RATING REVIEWED AND REMAINS 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 A+/A1 A/A2 A-/A3 BBB+Baal BBB/Baa2 BBB-/Baa3 BB+/Bal 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 S&P (A+ Stable) Moody's (A3 Stable) Fitch (A- Stable) • Latest rating announcements A-/A3/A+ Stable/Stable/Negative On January 27, 2023 Moody's published announcement that Latvia's long-term foreign currency sovereign credit ratings remains at the A3 level with Stable outlook (did not contain Rating action) On February 3, 2023 Fitch affirmed long-term foreign currency sovereign credit ratings at the A- level with Stable outlook (contained Ratings action) On June 16, 2023 S&P Global published announcement that Latvia's long-term foreign currency sovereign credit ratings remains the A+ level with Negative outlook (did not contain Rating action) ISS ESG Country rating for Latvia Source: S&P, Fitch and Moody's • Credible Key strengths of Latvia's sovereign credit profile policy-making supported by EU, Eurozone and NATO membership ESG Country Rating D- D+ C- • Progress made to ensure country's energy security poor C medium C+ B- B good B+ A- A A+ excellent • Moderate government debt-to-GDP ratio and moderate debt service costs • • The flexibility and adaptability of the Latvian economy and resilient export sector Track record of fiscal consolidation and implementation of structural reforms Source: https://www.issgovernance.com/esg/ratings/country-rating/ and https://www.kase.gov.lv/sites/default/files/public/FRD/%C4%80%C4%93jie%20aiz%C5%86%C4%9 3mumi/2021_11_30_FINAL_SPO-20211130-Latvia.pdf 10 8 7 Decile rank 6 5 4 3 1 Low relative performance High relative performance

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