The rating agency Standard & Poor's yesterday downgraded Latvia's long-term foreign currency rating to BBB and maintained its "negative outlook". This downgrade comes after S&P had already, on October 27, downgraded its credit rating of Latvia by one notch. On Friday Moody's cut its credit rating on Lativa as well. Hence, it is now very clear that the rating agencies are deeply concerned about the state of the Latvian economy - as are we. We would not rule out that Latvia could be downgraded to "junk" status in the near future - as we have recently seen with the rating of Romania.