Nordic Credit Rating (NCR) said today that it had withdrawn its 'BBB' long-term and 'N3' short-term issuer ratings on Norway-based consumer bank Bank Norwegian ASA following the merger of Bank Norwegian into its parent company, Nordax Bank AB (publ).
Rating rationale
On 30 Nov. 2022, Nordax Bank announced the completion of the merger and assumed the role of issuer and debtor for Bank Norwegian's outstanding bonds. This has not affected our 'BBB' issue rating on these senior unsecured instruments, given that the issuer and issue ratings on Bank Norwegian were aligned with those of the parent. The ratings and outlook on Nordax Bank are not affected by the completion of the merger.
Following the merger, Nordax Bank is the surviving entity, while Bank Norwegian will operate as the Norwegian branch of Nordax Bank under the legal name of Bank Norwegian, a branch of Nordax Bank AB (publ).
| Rating list (Bank Norwegian ASA) | To | From |
|---|---|---|
| Long-term issuer credit rating: | NR | BBB |
| Outlook: | - | Stable |
| Short-term issuer credit rating: | NR | N3 |
| Senior unsecured issue rating: | NR | BBB |
Contacts:
Sean Cotten, chief rating officer, +46735600337, sean.cotten@nordiccreditrating.com
Gustav Nilsson, analyst, +46735420446, gustav.nilsson@nordiccreditrating.com
Geir Kristiansen, analyst, +4790784593, geir.kristiansen@nordiccreditrating.com
The methodology documents used for this rating are NCR's Financial Institutions Rating Methodology published on 18 Feb. 2022, NCR's Rating Principles published on 24 May 2022 and NCR's Group and Government Support Rating Methodology published on 18 Feb. 2022. For the full regulatory disclaimer please see the rating report.
NCR - Nordax_Bank_AB_publ - Rating Action Report 6 Dec. 2022.pdf (143.45 KB) NOBA Bank Group AB (publ) BBB Stable Financial N3 Off On Off