Moody’s assigns SpareBank 1 SR-Bank notes Baa1

Moody’s Investors Service said it gave a local currency Baa1 rating to the recently issued NOK 400 million senior non-preferred notes of SpareBank 1 SR-Bank ASA (SR-Bank).

The senior non-preferred notes, which are classed as junior senior unsecured notes by Moody’s are ranked junior to other senior unsecured obligations, including senior unsecured debt, and senior to subordinated debt issuances of the bank, the agency said.

The Baa1 notes’ rating reflects SR-Bank’s baa1 adjusted baseline credit assessment and Moody’s advanced forward-looking loss given failure analysis of the bank’s liability structure by the end of 2023 when the bank needs to fully meet its minimum requirement for own funds and eligible liabilities, Moody’s said.

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