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Rating Action:

Moody's affirms ratings of Kommuninvest and Kommunekredit

16 Jun 2015

London, 16 June 2015 -- Moody's Investors Service has today affirmed Kommuninvest i Sverige Aktiebolag's and Kommunekredit's long-term issuer and senior unsecured ratings at Aaa, with a stable outlook. Moody's has also withdrawn their a1 baseline credit assessments (BCA) in conjunction with the rating agency's decision to no longer applying the Banks methodology to these institutions. Their ratings are now based on guarantees from their regional and local government members, in line with our methodology for Government-Related Issuers.

Refer to the end of this press release for a full list of today's rating actions.

Please click this link for Moody's methodology for rating Government-Related Issuers, published 30 October 2014: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_173845.

RATINGS RATIONALE

The affirmation of Kommuninvest's and Kommunekredit's Aaa/P-1 ratings is based on the joint and several guarantees that these institutions receive from their respective regional and local government (RLG) customers/owners. These guarantees are strong as the RLGs have close financial linkages with their respective sovereigns.

--- KOMMUNINVEST

The affirmation of Kommuninvest's Aaa stable long-term ratings is driven by the lender's strong linkages with Swedish RLGs, which, in turn, derive their strong creditworthiness from their close ties to the Swedish sovereign (Aaa stable). The link between Kommuninvest and its RLG-customer-owners manifests itself through a guarantee under which all RLG members in Kommuninvest Cooperative Society are responsible for Kommuninvest's obligations on a joint and several basis.

The strength of this guarantee is underpinned by (1) Swedish RLGs' broad authority to levy income taxes on their generally wealthy population; (2) Moody's view of RLGs' manageable debt levels at about 15% of GDP; (3) a nation-wide equalisation principle ensures that all RLGs have the financial means to deliver public services as mandated by the central government; and (4) regulation that requires RLG budgets to be balanced within three years. In addition, Sweden's Ministry of Finance oversees the sector, intervening before severe financial challenges arise.

--- KOMMUNEKREDIT

The affirmation of Kommunekredit's Aaa stable long-term ratings is based on a guarantee, under which its RLG-customer-members are responsible for the agency's liabilities on a joint and several basis. The guarantee is strong owing to the RLGs' close financial linkages with the Danish sovereign (Aaa stable). As is the case in Sweden, (1) Danish RLGs have the authority to levy income taxes on their constituents; (2) municipal debt is manageable at around 6% of GDP; (3) a nation-wide equalisation principle ensures that all RLGs have the financial means to deliver public services as mandated by the central government; and (4) regulation requires their budgets to be balanced within three years. In addition, and like in Sweden, the Ministry of Economic Affairs and the Interior oversees the sector, intervening before severe financial challenges arise.

OUTLOOKS

The stable outlooks on Kommuninvest and Kommunekredit are based on the stability of their guarantors.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Kommuninvest's and Kommunekredit's ratings would come under pressure if the creditworthiness of, or the guarantee from its owner-customers and member customers weakens in any way.

LIST OF AFFECTED RATINGS

Issuer: KommuneKredit

....Adjusted baseline credit assessment and Baseline credit assessment, a1 Withdrawn

....Long-Term Issuer Rating , Affirmed Aaa Stable

....Senior Unsecured Regular Bond/Debenture, Affirmed Aaa Stable

....Senior Unsecured Medium-Term Note Program, Affirmed (P)Aaa

....Short-Term Medium-Term Note Program, Affirmed (P)P-1

....Short-Term Commercial Paper, Affirmed P-1

....Outlook, Stable

Issuer: Kommuninvest i Sverige Aktiebolag

.... Adjusted baseline credit assessment and Baseline credit assessment, a1 Withdrawn

.... Long-Term Issuer Rating , Affirmed Aaa Stable

.... Backed Senior Unsecured Regular Bond/Debenture, Affirmed Aaa Stable

.... Backed Senior Unsecured Medium-Term Note Program, Affirmed (P)Aaa

.... Backed Short-Term Medium-Term Note Program (Local Currency) , Affirmed (P)P-1

.... Backed Short-Term Commercial Paper , Affirmed P-1

....Outlook, Stable

The principal methodology used in these ratings was Government-Related Issuers published in October 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology..

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The following information supplements Disclosure 10 ("Information Relating to Conflicts of Interest as required by Paragraph (a)(1)(ii)(J) of SEC Rule 17g-7") in the regulatory disclosures made at the ratings tab on the issuer/entity page on www.moodys.com for each credit rating as indicated:

Moody's was not paid for services other than determining a credit rating in the most recently ended fiscal year by the person(s) that paid Moody's to determine this credit rating.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Jan Skogberg
Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Sean Marion
Managing Director
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's affirms ratings of Kommuninvest and Kommunekredit
No Related Data.
© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE 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 INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER 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. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS 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.

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

​​​​​​​​

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