Moody’s ups two Norwegian banks

Moody’s Investors Service said it upgraded the senior unsecured debt ratings to Aa3 from A1 of SpareBank 1 Ostlandet and SpareBank 1 Nord-Norge.

The agency cited Ostlandet’s high levels of capital and good recurring profitability. Like Ostlandet, Nord-Norge has had a very strong financial performance record over the past few years. The outlook for both banks is stable.

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