EQS-News: Fitch Ratings improves Eleving Group’s rating to “B” with a positive outlook

The international credit rating agency Fitch Ratings has improved Eleving Group's Long-Term Issuer Default Rating from “B” with a stable outlook to “B” with a positive outlook. Meanwhile, the rating for Eleving Group’s senior secured debt has been affirmed at “B”.

The international credit rating agency Fitch Ratings states that if Eleving Group maintains the improvements in capitalisation and corporate governance implemented following its initial public offering (IPO) in 2024, and successfully refinances its EUR 150 million bond maturing in October 2026, the company’s credit rating could be further improved.

“We are pleased that Fitch Ratings, by assigning a positive outlook, has recognized our efforts to strengthen both the financial and operational performance of the company. The revision of the rating outlook is a clear indication that we are on the right track and that our business strategy is sustainable,” says Māris Kreics, Member of the Management Board and Chief Financial Officer of Eleving Group.
Fitch Ratings has assigned a positive outlook to Eleving Group’s Long-Term Issuer Default Rating, driven by the company’s strong profitability, improved leverage, enhanced capital structure following its 2024 IPO, and experienced management team.

Eleving Group has been cooperating with the international credit rating agency Fitch Ratings since 2019.

As previously reported, Eleving Group ended the year 2024 with a revenue of 216.6 million euro and a total net profit of 29.6 million euro. During the first three months of this year, Eleving Group recorded a revenue of 58.6 million euro, while total net profit reached 6.4 million euro. The Group’s loan portfolio amounted to 371.1 million euro at the end of the first quarter of 2025.

About Eleving Group

Eleving Group is a publicly listed international financial technology company founded in 2012. Today, the Group operates in 16 countries across three continents, providing vehicle and consumer financing services. Since its founding, Eleving Group has served more than 1.4 million registered users. The Group employs over 2,950 people across its operations. The company’s headquarters are located in Riga, Latvia.
Since October 16, 2024, Eleving Group shares have been listed on both the Nasdaq Baltic Official List and the Frankfurt Stock Exchange Prime Standard.

Additional information:
Elīna Dobulāne
Group’s Chief Corporate Affairs Officer, Eleving Group
elina.dobulane@eleving.com | +371 25959447