S&P lifts KLP view to stable

S&P said it revised the outlook on Kommunal Landspensjonskasse (KLP) to stable from negative.

The agency also said it affirmed the company’s A- long-term insurer financial strength and counterparty credit ratings, along with the BBB ratings on its subordinated debt.

The outlook revision stems from a positive reassessment of the company’s financial flexibility to strong from adequate, S&P said.

This is based on a view that the insurer’s ability to call in capital from its owners has strengthened, the agency said.

The outlook revision also considers that the credit risk KLP is incurring as part of its large loans and bond investments to Norwegian municipalities has lessened, S&P said.

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