Structural constraints driving salmon prices

We expect increasing consolidation of the salmon farming sector.

Capital allocation choices may weaken credit quality of Swedish real estate issuers in 2026

Financing conditions are expected to remain supportive, although there is a risk of increased cash flow leverage due to shareholder-friendly actions.

Sparebank 68º Nord

Heba Fastighets AB (publ)

NCR Comments: OBOS BBL 'BBB-' rating and outlook unchanged despite weak 2025 revenues

EBITDA and credit metrics supported by bank and JV payouts, offsetting weak residential development.

Andøya Space AS assigned 'BBB-' long-term issuer rating; Outlook stable

Rating reflects government ownership and important policy role.

NCR comments: Trøndelag Sparebank considers merger

Merger with Ørland Sparebank to strengthen position in the Fosen region.

Aasen Sparebank 'BBB+' long-term issuer rating affirmed with stable outlook

The affirmation reflects the bank's low risk appetite, solid capital position, diverse access to funding and strong earnings.

Haugesund Sparebank long-term issuer rating raised to 'A-'; Outlook stable

Upgrade driven by stronger capital and reduced uncertainty after merger completion.

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