An international credit rating agency Moody's Rating on June 27, 2025 has published an updated credit analysis of Rīgas Ūdens, maintaining the company’s credit rating of A3 set in June 2024 with a stable outlook.
The assessment highlights that the company’s credit strength is underpinned by its strong institutional ties with the City of Riga and its essential role in delivering public services. Rīgas Ūdens has a clearly defined mandate to provide water supply and sewerage services. A key strength is the robust regulatory and financial framework, which ensures cost recovery through tariffs, as well as the company’s low business risk profile supported by its regulated monopoly status.
At the same time, the analysis identifies a major challenge in the form of an extensive investment programme aimed at infrastructure development, which is expected to increase the company’s debt burden. Despite this, the company’s financial indicators remain stable. Debt service capacity is adequate, and refinancing risk is low due to diversified funding sources and strong access to capital markets.
The company demonstrates high standards of governance and management, evidenced by effective risk management, detailed and timely reporting, an independent and structured leadership, and transparency in its engagement with stakeholders and the public.
About Rīgas ūdens
SIA Rīgas ūdens is the largest provider of water supply and sewerage services in Latvia, ensuring the delivery of high-quality drinking water, as well as the collection and treatment of wastewater in Riga and its vicinity – covering around 50% of the national market. Its infrastructure comprises 1,536 kilometers of water pipelines, 1,282 kilometers of sewerage networks, six water extraction stations, eight water pumping stations, five water reservoirs, 107 wastewater pumping stations, a water quality testing laboratory, and a biogas production facility.