Moody's could cut SpareBank 1

Moody's Investors Service said it placed the Aa3 rating assigned to the covered bonds of SpareBank 1 Naeringskreditt AS on review for downgrade.

At the same time, Moody's affirmed the Aaa ratings of the covered bonds issued by SpareBank 1 Boligkreditt AS and More Boligkreditt.

On Dec. 6, Moody's took rating actions on five Norwegian saving banks. Specifically, Moody's will review for possible downgrade the long-term senior debt and deposit ratings of the four rated banks in the SpareBank 1 alliance.

A downgrade of any of the four member banks of the SpareBank 1 alliance would negatively impact the credit strength of SpareBank 1 Naeringskreditt AS, the covered bond issuer, to which Moody's has assigned a private monitored rating, the agency said.

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