Moody’s stabilizes Sparebanken Sor

Moody’s Investors Service said it changed its outlook for Sparebanken Sor to stable from positive and affirmed the long-term issuer ratings at A1, its junior senior unsecured debt rating at Baa1 and its senior unsecured MTN program ratings at (P)A1.

“The outlook on Sparebanken Sor's long-term deposit and issuer ratings was changed to stable from positive, balancing the bank's robust capital, good asset quality, and improving pre-provision profitability, against Moody's view that risks from (i) credit concentrations and high exposure to sectors vulnerable to knock-on effects of elevated interest rates and core inflation, and (ii) the bank's confidence-sensitive funding dependence, limit the upside pressure on its BCA compared to higher rated local peers,” the agency said in a press release.

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