Our 'BBB-' long-term rating on Sweden-based niche lender Resurs Bank AB and the positive outlook on the rating are unchanged following the announcement on 3 Jul. 2026 of the bank's second major securitisation in recent years (see related publications). As with the transaction in late 2023, this securitisation was conducted in partnership with Lowell. It covers SEK 3.5bn in gross non-performing loans (NPLs) from Sweden, Finland and Denmark, and will be done in line with reported values.
The primary outcome of the transaction is the avoidance of the NPL Backstop regulation, which would have required increasing capital coverage for these loans in the coming years. As a result, most of the impact is forward looking, with a limited impact on current capital ratios. We had already incorporated expectations of NPL divestments in our latest 2026 forecast, so the transaction has minimal impact on our forward-looking assessment of Resurs Bank's capitalisation and asset quality metrics.
This commentary does not constitute a rating action.
Related publications
i) Resurs Bank AB (publ) outlook revised to positive; ‘BBB-’ long-term issuer rating affirmed, 18 Jun. 2026
ii) NCR comments: Resurs Bank offsets impact of non-performing loan backstop, 1 Dec. 2023
iii) Nordic niche banks focus on optimisation and scalability in 2026, 13 Jan. 2026
This commentary does not constitute a rating action.
Contacts:
Ylva Forsberg, analyst, +46768806742, ylva.forsberg@nordiccreditrating.com
Sean Cotten, lead senior analyst, +46735600337, sean.cotten@nordiccreditrating.com