Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

MOODY'S PLACES UNDER REVIEW FOR POSSIBLE UPGRADE THE A2 LONG-TERM AND C FINANCIAL STRENGTH RATINGS OF CHRISTIANIA BANK OG KREDITKASSE (NORWAY) AND CONFIRMS THE Aa3 LONG-TERM AND B FINANCIAL STRENGTH RATINGS OF OPERATING BANKS OF NORDIC BALTIC HOLDING GROU

17 Oct 2000

London, 17 October 2000 -- Moody's Investors Service Ltd. placed on review for possible upgrade the A2 long-term deposit and debt ratings and the C financial strength ratings of Christiania Bank og Kreditkasse of Norway as well as the A2 long-term debt ratings of Christiania's wholly-owned commercial mortgage subsidiary Norgeskreditt. Moody's also confirmed the Aa3 long-term deposit and debt ratings and B financial strength ratings of the three main operating banks of the Nordic Baltic Holding group - Merita Bank Plc of Finland, Nordbanken AB of Sweden and Unibank A/S of Denmark - and of their subsidiaries. This rating action follows yesterday's announcement by the Government Bank Investment Fund (GBIF) of Norway to sell its 34.64% stake in Christiania to Nordic Baltic Holding. All concerned entities' short-term ratings were confirmed at Prime-1. The transaction remains among other things subject to regulatory approval as well as to Nordic Baltic Holding's capacity to acquire at least 90% of Christiania's capital by 3 November 2000.

Moody's said that the acquisition of Christiania, Norway's second largest bank, by Nordic Baltic Holding, already the largest financial group in the Nordic area, would create a banking group with leading market positions across all customer and product segments in its four home markets of Norway, Finland, Sweden and Denmark. The combination of Christiania and Nordic Baltic Holding is expected to generate some revenue enhancements, as well as some cost benefits, of up to €110 million. The rating agency said that it sees synergies mainly in the areas of e-banking, insurance, asset management and cross-border payments. In this context, Moody's noted that the potential benefits for Christiania to improve its competitive positioning in the fragmented Norwegian banking market underpin the review for possible upgrade of its C financial strength rating. In addition, Christiania has over the past years improved its profitability both in terms of recurring earning generation capacity and cost efficiency.

Nordic Baltic Holding has had a bid outstanding on Christiania since 20 September 1999. Under the terms of yesterday's transaction, the group has increased its cash offer to NOK49 per share coming from NOK44 per share previously. In consequence, the impact of this cash acquisition on the capital position of the Nordic Baltic Holding group is very significant though the group's now larger equity base makes the transaction less penalizing than under its original terms of a year ago. In addition, Moody's noted that the good earnings generation capacity of the Nordic Baltic Holding group should enable it to absorb the weight of this acquisition relatively quickly from a cashflow standpoint. Finally, the rating agency pointed to the good track record of the Nordic Baltic Holding group in terms of integrating newly-acquired banks, as evidenced by the success of the cross-border merger between Merita and Nordbanken in 1997 and, more recently, with respect to the merger with the Unidanmark group earlier this year. Nevertheless Moody's cautioned that the rapid expansion of the Nordic Baltic Holding group throughout the Nordic area creates inherent management challenges.

The following ratings were placed under review for possible upgrade:

· Christiania Bank og Kreditkasse ASA - long-term deposit and debt ratings at A2, senior subordinated debt rating at A3 and financial strength rating at C; and

· Norgeskreditt - long-term debt rating A2 and senior subordinated debt rating at A3.

The following ratings were confirmed:

· Christiania Bank og Kreditkasse ASA - short-term deposit and debt ratings at Prime-1;

· Norgeskreditt - short-term debt rating at Prime-1;

· Merita Bank Plc - long-term deposit and debt ratings at Aa3, senior and junior subordinated debt ratings at A1, preferred stock rating at "a1", short-term deposit and debt ratings at Prime-1, and financial strength rating at B;

· Merita North America, Inc. - backed commercial paper rating at Prime-1;

· Nordbanken AB - long-term deposit and debt ratings at Aa3, senior and junior subordinated debt ratings at A1, preferred stock rating at "a1", short-term deposit and commercial paper ratings at Prime-1, and financial strength rating at B;

· Nordbanken North America, Inc. - backed commercial paper rating at Prime-1;

· Nordbanken Hypotek AB - commercial paper and short-term debt ratings at Prime-1, long-term senior unsecured debt rating at Aa3, senior subordinated debt at A1, and junior subordinated debt at A2;

· Unibank A/S - long-term deposit and senior unsecured debt ratings at Aa3, senior subordinated debt rating at A1, short-term deposit and commercial paper ratings at Prime-1, and financial strength rating at B;

· Unikredit Realkreditaktieselskab - Danish mortgage bond ratings at Aa2;

· Unifunding Inc. - backed commercial paper rating at Prime-1;

· Kansallis Osake Pankki - long-term senior unsecured debt rating at Aa3, and senior and junior subordinated debt ratings at A1;

· Gota Bank - senior subordinated debt rating at A1; and

· Union Bank of Finland Ltd. - senior subordinated debt rating at A1.

Nordic Baltic Holding operates in Finland, Sweden and Denmark. At end-1999, the group had total assets of €192 billion (US$200 billion). Christiania Bank og Kreditkasse, headquartered in Oslo, is a leading Norwegian financial group active in banking and insurance, with total assets of €26 billion (US$26 billion) at end-1999.

London
Alexandra A. Sleator
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
44 20 7772 5454

London
Janne Thomsen
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
44 20 7772 5454

MOODY'S PLACES UNDER REVIEW FOR POSSIBLE UPGRADE THE A2 LONG-TERM AND C FINANCIAL STRENGTH RATINGS OF CHRISTIANIA BANK OG KREDITKASSE (NORWAY) AND CONFIRMS THE Aa3 LONG-TERM AND B FINANCIAL STRENGTH RATINGS OF OPERATING BANKS OF NORDIC BALTIC HOLDING GROU
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​
Moodys.com