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Provider: Reuters Investment Profile

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Moody's Investors Service Confirms Ratings on SpareBank 1 SMN-DJ

Monday, 4 Mar 2013 06:37pm EST 

Dow Jones reported that Moody's has taken actions on four Norwegian Banks that are members of the SpareBank 1 Alliance: SpareBank 1 SR-Bank ASA, SpareBank 1 SMN, SpareBank 1 Nord-Norge and Sparebanken Hedmark. Moody's Investors Service confirmed the A2 long-term senior debt and deposit ratings and Prime-1 short-term ratings of SpareBank 1 SMN and SpareBank 1 SR-Bank ASA. The outlook on both banks' ratings is stable. At the same time, Moody's downgraded SpareBank 1 Nord-Norge'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 reflect 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 reflects the downside risks associated with its increased stake in Bank 1 Oslo Akershus (unrated) to 40.5% from 12%. There has been no change in the banks' standalone financial strength ratings (BFSRs) and related baseline credit assessments (BCAs). 

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