The international credit rating agency Moody’s Ratings has reaffirmed the A3 long-term issuer rating of Rīgas ūdens SIA, with a stable outlook. The reaffirmation reflects the company’s financial stability, prudent risk management and ability to implement a strategically important investment programme for the development of Riga’s water and wastewater infrastructure.

Agnese Ozolkāja, Member of the Management Board of Rīgas ūdens SIA: “The reaffirmed A3 credit rating is an important confirmation of the company’s financial stability, prudent risk management and sustainable development strategy. It strengthens the confidence of investors and financial partners in Rīgas ūdens’ ability to implement a substantial investment programme that is essential for the resilience and development of Riga’s water and wastewater infrastructure.”

The agency’s assessment positively reflects Rīgas ūdens’ stable operating environment, its role in providing essential water supply and wastewater services, as well as its stable and predictable revenue stream.

The assessment also takes into account Rīgas ūdens’ diversification of funding sources and the steps taken by the company to strengthen its funding structure. This has been supported by the company’s inaugural European Green Bond issuance in 2025, which broadened its investor base. The assessment also reflects the extension of the bond programme’s term in 2026, enabling the company to continue implementing its European Green Bond programme of up to EUR 60 million, as well as the planned second bond issuance of up to EUR 40 million. The company also maintains access to funding from international financial institutions and banks. Taken together, these factors strengthen the company’s funding model and support the implementation of its substantial capital expenditure programme.

Credit ratings are used by local and international financial institutions as independent assessments to evaluate a company’s credit risk. Rīgas ūdens is the first municipally owned company of the City of Riga to receive a credit rating assessment by an international credit rating agency. The reaffirmed A3 rating reflects the company’s high level of financial stability and creditworthiness and is one of the highest credit ratings assigned to companies in Latvia.

About Rīgas ūdens SIA: 

 Rīgas ūdens SIA is the largest water utility company in Latvia, providing water abstraction, treatment, and supply, as well as wastewater collection and treatment services in Riga and the surrounding area. The company’s priorities are delivering high-quality services, developing infrastructure, and ensuring sustainable use of resources. Rīgas ūdens is the first municipal company in Latvia to secure financing through the capital market and the first company in Northern Europe to issue bonds in accordance with the European Green Bond (EuGB) Standard.