Moody's cuts SpareBank 1 junior senior rating

Moody's Investors Service said it downgraded SpareBank 1 Nord-Norge's junior senior unsecured ratings to A3 from A2, and affirmed the bank's long term senior unsecured ratings of Aa3.

“The downgrade of the bank's junior senior ratings follows revisions to the Norwegian Financial Supervisory Authority's (FSA)'s approach to calculating minimum requirements for own funds and eligible liabilities (MREL) subordination requirements, which anticipate the implementation of the amended Bank Recovery and Resolution Directive (BRRD2) into Norwegian law,” Moody’s said in a press release.

The outlook remains stable.

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