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PLEASE READ AND SCROLL DOWN!

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Related Issuers
Rating Action:

Moody's assigns (P)A1 senior unsecured debt rating to SpareBank 1 SR-Bank's new standalone EMTN program

19 Jun 2017

Existing joint EMTN program ratings withdrawn

Limassol, June 19, 2017 -- Moody's Investors Service, ("Moody's") has today assigned provisional ratings to SpareBank 1 SR-Bank ASA's (SpareBank 1 SR-Bank) new standalone €10 billion EMTN program, which was set-up separately from other SpareBank 1 Alliance banks. The rating agency assigned (P)A1 to any senior unsecured debt, (P)Baa2 for any subordinated notes and (P)Baa3 for any junior subordinated notes.

Concurrently, the rating agency has withdrawn the corresponding existing ratings assigned to the joint €10 billion EMTN program that SpareBank 1 SR-Bank no longer shares with the other SpareBank 1 Alliance banks. All other existing ratings of the bank and its negative outlook remained unaffected by this rating action.

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

RATINGS RATIONALE

The ratings assigned to the bank's new EMTN programme are underpinned by the bank's standalone credit profile as expressed by its baseline credit assessment (BCA) of baa2, and also by the bank's adjusted BCA of baa1 that incorporates potential affiliate support by other SpareBank 1 Alliance. The bank's provisional senior unsecured debt rating of (P)A1 under its EMTN program also takes into account our Loss Given Failure (LGF) analysis of the bank's large volume of deposits and substantial layers of subordination, resulting in two notches of rating uplift. In addition our assessment of a moderate probability of government support results in one additional notch of rating uplift for senior debt.

The bank's provisional subordinated and junior subordinated debt ratings of (P)Baa2 and (P)Baa3 respectively are positioned one and two notches respectively below the bank's adjusted BCA, reflecting the subordinated status of these instruments and without incorporating any government support assumptions.

SpareBank 1 SR-Bank's credit profile primarily reflects the bank's solid regional position, strengthened capital buffers (common equity Tier 1 capital ratio of 14.7% in March 2017) and increased pre-provision income in 2016 compared to 2015. These strengths are balanced against the bank's limited geographic reach, which results in high credit-risk concentrations in more volatile sectors, such as oil/offshore and commercial real estate. The bank had a significant increase in problem loans and related impairments in 2016, driven mainly by exposure to the oil sector in view of the bank's location in the city of Stavanger, Norway's oil hub. However, its robust risk management systems have helped the bank maintain sound asset quality with a problem loans to gross loans (including covered bond loans) ratio of 1.2% in March 2017.

The decision by SpareBank 1 SR-Bank to set-up its own EMTN program was driven by its efforts to further strengthen its position and reputation in the international capital markets, and differentiate itself from its peers within the SpareBank 1 Alliance combined with cost efficiency and expedience when updating EMTN-programmes. The rating agency notes that SpareBank 1 SR-Bank's decision to withdraw from the existing joint EMTN program was not triggered by any change in its status as a member of the SpareBank 1 Alliance, nor by any decision to exit the Alliance that remains vital for all member banks' day-to-day operations and product offering.

WHAT COULD MOVE THE RATINGS UP/DOWN

Upward rating momentum could develop if SpareBank 1 SR-Bank shows: (1) stabilisation of its asset quality trends, especially in the more volatile segments, such as oil/offshore and commercial real estate; (2) continued good access to capital markets and improved liquidity; and/or (3) strong earnings generation without an increase in its risk profile.

Future downward rating pressure would emerge if (1) Sparebank 1 SR-Bank's problem loan ratio increases significantly above our system-wide expectation of approximately 2%; (2) financing conditions become more difficult; (3) the bank's risk profile increases, for example as a result of increased exposures to more volatile sectors or if the quality of the oil-related portfolio deteriorates further; and/or (4) the macroeconomic environment weakens more than currently anticipated, leading to a lower Macro Profile; (5) a reduction in the rating uplift as a result of our LGF analysis; (6) introduction of the official resolution law in Norway and revision of our government support assumptions.

RATINGS AFFECTED BY TODAY'S ACTION

Issuer: SpareBank 1 SR-Bank ASA

Assignments:

....Senior Unsecured MTN Program (825628868), Assigned (P)A1

....Subordinate MTN Program (825628868), Assigned (P)Baa2

....Junior Subordinate MTN Program (825628868), Assigned (P)Baa3

Withdrawals

....Senior Unsecured MTN Program (10288136), Assigned (P)A1

....Subordinate MTN Program (10288136), Assigned (P)Baa2

....Junior Subordinate MTN Program (10288136), Assigned (P)Baa3

RATINGS UNAFFECTED BY TODAY'S RATING ACTION

....LT Issuer Rating, A1 Negative

....LT Bank Deposits (Local & Foreign Currency), A1 Negative

....ST Deposit Rating (Local & Foreign Currency), P-1

....Senior Unsecured Regular Bond/Debenture, A1 Negative

....Subordinate Regular Bond/Debenture, Baa2/Baa2 (hyb)

....Adjusted Baseline Credit Assessment, baa1

....Baseline Credit Assessment, baa2

....LT Counterparty Risk Assessment, Aa3(cr)

....ST Counterparty Risk Assessment, P-1(cr)

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in January 2016. 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.

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.

Nondas Nicolaides
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Cyprus Ltd.
Porto Bello Building
1, Siafi Street, 3042 Limassol
PO Box 53205
Limassol CY 3301
Cyprus
JOURNALISTS: 852 3758 1350
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 Cyprus Ltd.
Porto Bello Building
1, Siafi Street, 3042 Limassol
PO Box 53205
Limassol CY 3301
Cyprus
JOURNALISTS: 852 3758 1350
Client Service: 44 20 7772 5454

No Related Data.
© 2021 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 CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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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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 credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service 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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

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

​

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