Fitch Affirms & Withdraws DNB Bank and DNB Boligkreditt's Ratings

Fri Jan 17, 2014 10:31am EST

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(The following statement was released by the rating agency) LONDON, January 17 (Fitch) Fitch Ratings has affirmed DNB Bank's Long-term Issuer Default Rating (IDR) at 'A+' with a Stable Outlook and Viability Rating (VR) at 'a+'. The ratings have subsequently been withdrawn as Fitch has decided to discontinue the ratings, which are uncompensated, and are no longer considered by Fitch to be relevant to the agency's coverage. The affirmation is based on Fitch's view that the bank's creditworthiness has not materially changed, no additional financial information has been released, and no material changes in the operating environment have occurred since Fitch affirmed the ratings on 20 November 2013 (see "Fitch Affirms DNB Bank at 'A+'; Outlook Stable" on www.fitchratings.com). Fitch has also affirmed DNB Boligkreditt's Long-term IDR at 'A+' and mortgage covered bonds at 'AAA', both with a Stable Outlook. The ratings have subsequently been withdrawn because the agency will no longer have sufficient information to maintain the rating as the issuer has chosen to stop participating in the rating process. As of September 2013, DNB Boligkreditt's outstanding covered bonds amounted to NOK399.6bn, secured by a cover pool with a balance of NOK527.6bn. Fitch will no longer provide ratings or analytical coverage for DNB Bank or DNB Boligkreditt and its covered bonds. The rating actions are as follows: DNB Long-term IDR: affirmed at 'A+'; Outlook Stable; and withdrawn Short-term IDR: affirmed at 'F1' and withdrawn Viability Rating: affirmed at 'a+' and withdrawn Support Rating: affirmed at '1' and withdrawn Support Rating Floor: affirmed at 'A' and withdrawn DNB Boligkreditt Long-term IDR: affirmed at 'A+'; Outlook Stable; and withdrawn Short-term IDR: affirmed at 'F1' and withdrawn Support Rating: affirmed at '1' and withdrawn Covered bonds: affirmed at 'AAA'; Outlook Stable; and withdrawn Contact: Primary Analyst (Financial Institutions) Jens Hallen Director +44 20 3530 1326 Fitch Ratings Limited 30 North Colonnade London E14 5GN Primary Analyst (Covered Bonds) Iva Detelinova Analyst +44 20 3530 1663 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst (Financial Institutions) Olivia Perney Guillot Senior Director +33 144 299 174 Secondary Analyst (Covered Bonds) Ieva Snejkova, CFA Director +44 20 3530 1276 Committee Chairperson (Financial Institutions) Michael Dawson-Kropf Senior Director +49 69 768076 113 Committee Chairperson (Covered Bonds) Cosme de Montpellier Senior Director +44 20 3530 1407 Media Relations: Hannah Huntly, London, Tel: +44 20 3530 1153, Email: hannah.huntly@fitchratings.com. Additional information is available at www.fitchratings.com. Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 15 August 2012 and 'Evaluating Corporate Governance', dated 12 December 2012, 'Covered Bonds Rating Criteria', dated 04 September 2013, 'Counterparty Criteria for Structured Finance and Covered Bonds', dated 13 May 2013, 'Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum', dated 13 May 2013,'Covered Bond Rating Criteria - Mortgage Liquidity and Refinance Stress Addendum' dated 3 June 2013, 'EMEA Residential Mortgage Loss Criteria', dated 6 June 2013, "EMEA Criteria Addendum - Norway", dated April 2013 are available on www.fitchratings.com. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Evaluating Corporate Governance here Covered Bonds Rating Criteria here Counterparty Criteria for Structured Finance and Covered Bonds here Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum here Covered Bonds Rating Criteria - Mortgage Liquidity and Refinance Stress Addendum here EMEA Residential Mortgage Loss Criteria here EMEA Criteria Addendum – Norway here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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