Moody’s upgrades Sparebanken Oest

Moody's Investors Service said it upgraded Sparebanken Oest's long-term deposit and issuer ratings to A2 from A3.

The agency also upgraded the bank's long-term counterparty risk assessment to A1(cr) from A2(cr) and maintained the stable outlook on all ratings.

Moody’s said the upgrades were driven by an upgrade in the bank's standalone baseline credit assessment (BCA) and adjusted BCA to baa1 from baa2, reflecting the bank's strengthened asset quality, increased coverage of problem loans as well as its better than peers’ capital buffers.

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