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Rating Action:

Moody's assigns Counterparty Risk Ratings to 38 banking groups in Denmark, Sweden, Norway, Finland, Latvia and Lithuania

26 Jun 2018

Ratings are assigned following 6 June 2018 update to Moody's Banks rating methodology.

London, 26 June 2018 -- Moody's Investors Service, (Moody's) has today assigned Counterparty Risk Ratings to 38 rated banking groups in Denmark, Finland, Norway, Sweden, Latvia and Lithuania:

Aktia Bank p.l.c., Danske Bank A/S, DNB Bank ASA, Eksportfinans ASA, Fana Sparebank, Helgeland Sparebank, Hoist Finance AB (publ), Jyske Bank A/S, KLP Banken AS, Kommunalbanken AS, Lansforsakringar Bank AB (publ), Nordea Bank AB, Nykredit Realkredit A/S, OBOS-banken AS, OP Financial Group, Ringkjobing Landbobank A/S, Santander Consumer Bank AS, SBAB Bank AB (publ), Sbanken ASA, SC Citadele Banka, SEB, Siauliu Bankas, AB, SkandiaBanken AB, Sparbanken Syd, SpareBank 1 Nord-Norge, SpareBank 1 Ostlandet, SpareBank 1 SMN, SpareBank 1 SR-Bank ASA, Sparebanken More, Sparebanken Oest, Sparebanken Sogn og Fjordane, Sparebanken Sor, Sparebanken Vest, Svenska Handelsbanken AB, Swedbank AB, Swedish Export Credit Corporation, Sydbank A/S, Volvofinans Bank AB.

Moody's Counterparty Risk Ratings (CRR) are opinions of the ability of entities to honor the uncollateralized portion of non-debt counterparty financial liabilities (CRR liabilities) and also reflect the expected financial losses in the event such liabilities are not honored. CRR liabilities typically relate to transactions with unrelated parties. Examples of CRR liabilities include the uncollateralized portion of payables arising from derivatives transactions and the uncollateralized portion of liabilities under sale and repurchase agreements. CRRs are not applicable to funding commitments or other obligations associated with covered bonds, letters of credit, guarantees, servicer and trustee obligations, and other similar obligations that arise from a bank performing its essential operating functions.

A full list of the affected ratings can be found at the end of this press release.

RATINGS RATIONALE

In assigning CRRs to the banks and financial institutions subject to this rating action, Moody's starts with their adjusted Baseline Credit Assessment (BCA) and uses the agency's existing advanced Loss-Given-Failure (LGF) approach that takes into account the level of subordination to CRR liabilities in the institutions' balance sheet and assumes a nominal volume of such liabilities. For most of these banks and financial institutions, Moody's considers the likelihood of government support for CRR liabilities to be low, resulting in no rating uplift from their respective adjusted BCAs, considering the current European Union's bank recovery and resolution directive (BRRD) with legal restrictions on many forms of government support. For Danske Bank A/S, Nykredit Realkredit A/S, Nordea Bank AB, SEB, Swedbank AB, Svenska Handelsbanken AB, SBAB Bank AB (publ), OP Financial Group, SpareBank 1 SR-Bank ASA, SpareBank 1 SMN, SpareBank 1 Ostlandet, SpareBank 1 Nord-Norge, Sparebanken Vest and Sparebanken Sor, Moody's considers the likelihood of government support for CRR liabilities to be moderate resulting in one notch of such support in their CRR. The moderate government support assumption reflects these institutions' systemic importance in their respective markets. For Swedish Export Credit Corporation, Moody's considers the likelihood of government support for CRR liabilities to be high, but it does not result in an additional notch due to its already high preliminary rating assessment of Aa1, close to the sovereign rating of Sweden at Aaa. For DNB Bank ASA and Kommunalbanken AS, Moody's considers the likelihood of government support for CRR liabilities to be high resulting in two and one notches of additional uplift respectively.

Although most of the 38 banking groups are likely to have more than a nominal volume of CRR liabilities at failure, this has no impact on the ratings at most of these banks because the significant level of subordination below the CRR liabilities already provides the maximum amount of uplift allowed under Moody's rating methodology.

In all cases the CRRs assigned are equal to or higher than the rated banks' and financial institutions senior debt or issuer ratings, where such ratings are assigned. This reflects Moody's view that secured counterparties to banks and banking groups typically benefit from greater protections under insolvency laws and bank resolution regimes than do senior unsecured creditors, and that this benefit is likely to extend to the unsecured portion of such secured transactions in most bank resolution regimes. Moody's believes that in many cases regulators will use their discretion to allow a bank or banking group in resolution to continue to honor its CRR liabilities or to transfer those liabilities to another party who will honor them, in part because of the greater complexity of bailing in obligations that fluctuate with market prices, and also because the regulator will typically seek to preserve much of the bank's operations as a going concern in order to maximize the value of the bank in resolution, stabilize the bank quickly, and avoid contagion within the banking system. CRR liabilities at these banking groups therefore benefit from the subordination provided by more junior liabilities, with the extent of the uplift of the CRR from the adjusted BCA depending on the amount of subordination.

FACTORS THAT COULD LEAD TO AN UPGRADE

The CRR may be upgraded if there is a strengthening in banks' operating environment or financial fundamentals in a way that will lead to an upgrade of their adjusted BCA or if Moody's revises upwards its assessment of authorities' willingness to provide support.

The banks' CRRs could also experience upward pressure from movements in the loss-given-failure faced by these liabilities. Changes in the banks' liability structure which would indicate a lower loss severity for CRR liabilities could result in higher ratings uplift, except for those banks whose CRR's are positioned three LGF notches above their adjusted BCA.

FACTORS THAT COULD LEAD TO A DOWNGRADE

The CRR may be downgraded if there is a weakening in banks' operating environment or financial fundamentals in a way that will lead to a downgrade of their adjusted BCA or if Moody's revises downwards its assessment of authorities' willingness to provide support.

The banks' CRRs could also experience downward pressure from movements in the loss-given-failure faced by these liabilities. Sustained lower volumes of subordinated, senior debt instruments or junior deposits could result in fewer notches of rating uplift under the Advanced LGF analysis.

For subsidiaries to rated banks, if Moody's were to reconsider its assessment of affiliate support, this could also put downward pressure on the CRRs.

Further, under Moody's methodology, a bank's CRR will typically not exceed the sovereign rating by more than two notches.

The following ratings were assigned:

DENMARK

-- Danske Bank A/S

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa2, four notches above its adjusted BCA of a3 reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Jyske Bank A/S

Local currency and foreign currency long-term Counterparty Risk Ratings of A1, three notches above its adjusted BCA of baa1 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Nykredit Bank A/S

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa1, at the same level as its adjusted BCA of baa1 reflecting minus one notch from LGF, and one positive notch from government support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-2

-- Nykredit Realkredit A/S

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa1, at the same level as its adjusted BCA of baa1 reflecting minus one notch from LGF, and one positive notch from government support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-2

-- Ringkjobing Landbobank A/S

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3, three notches above its adjusted BCA of a3 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Sydbank A/S

Local currency and foreign currency long-term Counterparty Risk Ratings of A1, three notches above its adjusted BCA of baa1 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

FINLAND

-- Aktia Bank p.l.c.

Local currency and foreign currency long-term Counterparty Risk Ratings of A2, three notches above its adjusted BCA of baa2 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- OP Financial Group (OPFG) and OP Corporate Bank plc

OPFG: Local currency and foreign currency long-term Counterparty Risk Ratings of Aa2, four notches above its BCA of a3 reflecting LGF and one notch of government support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

OP Corporate Bank: Local currency and foreign currency long-term Counterparty Risk Ratings of Aa2, four notches above its adjusted BCA of a3 reflecting LGF and one notch of government support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

LATVIA

-- SC Citadele Banka

Local currency and foreign currency long-term Counterparty Risk Ratings of Ba1, three notches above its adjusted BCA of b1 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Not Prime

LITHUANIA

-- Siauliu Bankas, AB

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa2, three notches above its adjusted BCA of ba2 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-2

NORWAY

-- DNB Bank ASA

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa1, five notches above its adjusted BCA of a3 reflecting LGF and two notches of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Eksportfinans ASA

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa2, three notches above its adjusted BCA of ba2 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-2

-- Fana Sparebank

Local currency and foreign currency long-term Counterparty Risk Ratings of A2, three notches above its adjusted BCA of baa2 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Helgeland Sparebank

Local currency and foreign currency long-term Counterparty Risk Ratings of A2, three notches above its adjusted BCA of baa2 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- KLP Banken AS

Local currency and foreign currency long-term Counterparty Risk Ratings of A1, two notches above its adjusted BCA of a3 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Kommunalbanken AS

Local currency and foreign currency long-term Counterparty Risk Ratings of Aaa, four notches above its adjusted BCA of a1 reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- OBOS-banken AS

Local currency and foreign currency long-term Counterparty Risk Ratings of A3, three notches above its adjusted BCA of baa3 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-2

-- Santander Consumer Bank AS

Local currency and foreign currency long-term Counterparty Risk Ratings of A2, three notches above its adjusted BCA of baa2 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Sbanken ASA

Local currency and foreign currency long-term Counterparty Risk Ratings of A1, three notches above its adjusted BCA of baa1 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- SpareBank 1 Nord-Norge

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3, four notches above its adjusted BCA of baa1 reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- SpareBank 1 Ostlandet

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3, four notches above its adjusted BCA of baa1 reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- SpareBank 1 SMN

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3, four notches above its adjusted BCA of baa1 reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- SpareBank 1 SR-Bank ASA

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3, four notches above its adjusted BCA of baa1 reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Sparebanken More

Local currency and foreign currency long-term Counterparty Risk Ratings of A1, three notches above its adjusted BCA of baa1 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Sparebanken Oest

Local currency and foreign currency long-term Counterparty Risk Ratings of A1, three notches above its adjusted BCA of baa1 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Sparebanken Sogn og Fjordane

Local currency and foreign currency long-term Counterparty Risk Ratings of A1, three notches above its adjusted BCA of baa1 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Sparebanken Sor

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3, four notches above its adjusted BCA of baa1 reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Sparebanken Vest

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3, four notches above its adjusted BCA of baa1 reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

SWEDEN (including foreign branches and subsidiaries)

-- Hoist Finance AB (publ)

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa3, three notches above its adjusted BCA of ba3 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-3

-- Lansforsakringar Bank AB (publ)

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3, three notches above its adjusted BCA of a3 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Nordea Bank AB

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa2, four notches above its adjusted BCA of a3 reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

--SBAB Bank AB (publ)

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3, four notches above its adjusted BCA of baa1 reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- SEB

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa2, four notches above its adjusted BCA of a3 reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- SEB AG

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa2, four notches above the adjusted BCA of a3 of its parent SEB, reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- SkandiaBanken AB

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3, three notches above its adjusted BCA of a3 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Sparbanken Syd

Local currency and foreign currency long-term Counterparty Risk Ratings of A3, three notches above its adjusted BCA of baa3 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-2

-- Stadshypotek AB

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa1, four notches above the adjusted BCA of a2 of its parent Svenska Handelsbanken AB, reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Svenska Handelsbanken AB

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa1, four notches above its adjusted BCA of a2 reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Svenska Handelsbanken, New York Branch

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa1, four notches above the adjusted BCA of a2 of its parent Svenska Handelsbanken AB, reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Swedbank AB

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa2, four notches above its adjusted BCA of a3 reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Swedbank Mortgage AB

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa2, four notches above the adjusted BCA of a3 of its parent Swedbank AB, reflecting LGF and one notch of systemic support

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Swedish Export Credit Corporation

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa1, three notches above its adjusted BCA of a1 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

-- Volvofinans Bank AB

Local currency and foreign currency long-term Counterparty Risk Ratings of A2, three notches above its adjusted BCA of baa2 reflecting LGF

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in June 2018. Please see the Rating Methodologies 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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

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

Items color coded in purple in this Press Release relate to unsolicited ratings for a rated entity which is non-participating.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

The relevant office for each credit rating is identified in "Debt/deal box" on the Ratings tab in the Debt/Deal List section of each issuer/entity page of the website.

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.

Louise Lundberg
VP-Sr Credit Officer
Financial Institutions Group
Moody's Investors Service Limited, Stockholm Branch
Krejaren 2
Ostermalmstorg 1
Stockholm 114 42
Sweden
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Sean Marion
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 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
Client Service: 44 20 7772 5454

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.

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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.

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