Moody’s takes ac­tions on Nor­we­gian banks

The Pak Banker - - 6BUSINESS -

Global rat­ing agency Moody’s to­day taken ac­tions on four Nor­we­gian re­gional banks that are mem­bers of the SpareBank 1 Al­liance: SpareBank 1 SR-Bank ASA, SpareBank 1 SMN, SpareBank 1 Nord-Norge and Spare­banken Hed­mark. The rat­ing ac­tions con­clude the re­view for down­grade orig­i­nally ini­ti­ated in March 2012.

Moody’s con­firmed the A2 long-term se­nior debt and de­posit rat­ings and Prime-1 short-term rat­ings of SpareBank 1 SMN and SpareBank 1 SRBank ASA. The out­look on both banks’ rat­ings are now sta­ble.

At the same time, Moody’s down­graded SpareBank 1 NordNorge’s long-term se­nior debt and de­posit rat­ings to A2 from A1 with a sta­ble out­look and af­firmed its Prime-1 short-term rat­ings. The de­posit rat­ings of Spare­banken Hed­mark were also down­graded to A2 from A1, but are on re­view for fur­ther down­grade; its Prime-1 short-term de­posit rat­ings were con­se­quently placed un­der re­view for down­grade. The down­grades of the two bank’s long-term rat­ings re­flects the re­duc­tion in the avail­abil­ity of mu­tual sup­port within the Al­liance, in Moody’s view. The re­view for down­grade on Spare­banken Hed­mark’s de­posit rat­ings .

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