On 30 January 2026 Moody’s Ratings (Moody’s) published updated JSC “Development Finance Institution Altum” (ALTUM) credit opinion.
The Moody’s rating of ALTUM of Baa1 long-term issuer rating with outlook stable, the short-term issuer rating at Prime-2 and the baa3 standalone assessment affirmed back on 28 January 2025 is one of the highest issuer ratings to corporate entities in Latvia. ALTUM’s baa3 standalone assessment as follows from Moody’s updated credit opinion, represents:
- “the sound financial profile, with very strong capitalisation, high risk coverage and low refinancing risk. Such strengths are balanced against high problem loan levels and modest profitability; and
- the unique standing of ALTUM in Latvia, reflecting its policy mandate to provide a distribution channel for state and EU programme funds to both end-customers and other financial institutions”.
Reinis Bērziņš, Chairman of the Management Board of ALTUM:
“The sound assessment in credit opinion confirms the resilience of ALTUM’s financial strategy and the strength of its risk management system. ALTUM will continue to focus on promoting economic growth by implementing state support programs, adhering to the highest standards of risk management and financial management.”
ALTUM is rated by Moody’s Finance Companies Methodology, published in July 2024.
Initially a long-term issuer rating of Baa1 was assigned to ALTUM in June 2017.
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 28 January 2025 Moody’s Ratings affirmed Altum’s Baa1 long-term issuer rating, with outlook stable. The rating as well as the short-term issuer rating at P-2, the same as affirmed on 2 February 2024. ALTUM is rated by Moody’s Finance Companies Methodology, published in July 2024. On 24 October 2017 the bonds issued by Altum were listed on a regulated market – Baltic Bond List of Nasdaq Riga.