Ratings of banks provide investors and other stakeholders with the information about the soundness of a financial institution, thus, reduce the risk of improper benchmarks for financial investment decision-making. Ratings are crucially important also for entrepreneurs to make an optimal choice of a financial partner. There are several barries for application of the existing rating methodologies for ranking Latvian banks. The research goal is to develop a multi-criteria rating model for Latvian banking market that would allow comparing banks, using financial and non-financial data.