OSLO: Moody’s Investors Service has announced that the rating agency has started to rate Spar Nord, assigning the following ratings:
- Baseline credit assessment: baa1
- Bank deposit rating: A1 / P-1
- Outlook: Stable
Commenting on the announcement, Spar Nord’s CEO Lasse Nyby said: “We are quite pleased with today’s announcement by Moody’s. The credit ratings assigned to Spar Nord are satisfactory and consistent with the level we had anticipated. We believe that we may benefit from having a rating in place when we start to issue new debt instruments in the upcoming pe-riod, allowing us to comply with the capital buffer requirements that we have to meet after being designated a SIFI bank.”
Spar Nord expects to start issuing the first Senior Non-Preferred bonds in November.