Moody's Downgrades SpareBank 1 Nord-Norge's Ratings

SpareBank 1 Nord-Norge (SpareBank) announced that Moody's Investor Service (Moody's) has concluded the Review on the Ratings of SpareBank. Moody's confirm the Bank's A1 long-term debt and deposit rating. The standalone bank financial strength rating of SpareBank was downgraded to C- (equivalent to a Baa1 standalone credit assessment) from C/a3. The Bank's financial strength rating now carries a stable outlook. The subordinated and junior subordinated debt ratings of SpareBank were both downgraded to Baa2(hyb) from A2 and Baa1, respectively. The Tier 1 hybrid ratings were confirmed at Baa2. At the same time, Moody's placed the long-term senior debt and deposit, subordinated, junior subordinated debt and Tier 1 hybrid ratings of SpareBank under review for downgrade.