Baltic, Financial Services, Markets and Companies, Rating

Lithuania's credit bureau Creditinfo says it has stopped calculated credit ratings for these companies. All in all, almost 23,000 businesses have lost their credit rating due to failure to submit their financial reports to the Center of Registers. It means they can find it harder to negotiate financing and credit conditions with banks.

Creditinfo figures show 51,300 companies had submitted their annual reports to the Center of Registers by June 17, or 69% of companies required doing so, compared t 49,730, o 71.5%, last year.

This year, 73,880 companies were supposed to submit their annual reports.

Andrius Bogdanovicius, director general at Creditinfo, says 88% of companies had submitted their annual reports for 2018 by the end of 2018. He estimates that a similar tendency will be observed this year as well. 11-13%  of businesses usually don't submit the report at all.

Creditinfo introduced the sanction of temporary halting calculation of credit rating in 2016. Rating calculation is resumed once the report is submitted.