Moody's lowers Sparebanken Oest

Moody's Investors Service said it downgraded Sparebanken Oest's long-term deposit ratings to Baa1 from A3.

The bank's standalone bank financial strength rating of C-, equivalent to a baseline credit assessment of baa2, and Prime-2 short-term deposit ratings were affirmed.

The outlooks remain stable.

Moody's said the downgrade of Sparebanken Oest's long-term ratings follows a change in Moody's assessment of systemic support for the bank. This change in systemic support for Sparebanken Oest is specific to the bank in question and not part of a wider rating action on Norwegian systemic support.

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