Nordic Credit Rating (NCR) said today that it had updated the short-term rating scale in its Ratings Principles methodology and assigned new short-term ratings to 23 corporate issuers in accordance with the revised scale. On 24 May 2022, NCR placed all public issuer ratings under criteria review with a view to assigning new short-term ratings in accordance with the revised short-term scale. Our review of the listed corporate issuers is now complete and all related ratings have been removed from criteria review. The amendments have had no effect on any outstanding long-term issuer or issue ratings on the corporates below.

The revised short-term scale ranges from "N1" (highest) to "N6" (lowest) and increases the differentiation we apply to short-term ratings (see Figure 1, which shows new and previous short-term ratings on all publicly rated corporate issuers). Under our revised methodology, in instances where the long-term issuer rating is "A-", "BBB+", "BBB-" or "BB+", in addition to the standard mapping, alternative short-term ratings are also possible. In most instances our analysis results in the standard mapping based on the long-term issuer rating. However, in two instances we have assigned a higher short-term rating to reflect a strong liquidity assessment, and in two instances we have assigned a lower short-term rating to reflect a weak liquidity assessment.

For further details, see the separate rating action report on each entity, which can be found on its respective NCR issuer page.

Figure 1. New corporate short-term ratings assigned under revised methodology

Issuer | Long-term issuer rating | New short-term rating | Previous short-term rating |

AB Bonnier Fastigheter Finans (publ) | BBB | N3 | N-1+ |

Axfast AB (publ) | BBB | N3 | N-1+ |

Bonnier Fastigheter AB | BBB | N3 | N-1+ |

CA Fastigheter AB | BBB- | N4* | N-1 |

Catena AB (publ) | BBB- | N4* | N-1+ |

Fastighets AB Stenvalvet (publ) | BBB+ | N3 | N-1+ |

Heba Fastighets AB (publ) | BBB+ | N3 | N-1+ |

Intea Fastigheter AB (publ) | BBB+ | N3 | N-1+ |

Jotun A/S | BBB+ | N2** | N-1+ |

Kongsberg Gruppen ASA | A- | N2 | N-1+ |

LSTH Svenska Handelsfastigheter AB (publ) | BBB- | N3 | N-1+ |

Lerøy Seafood Group ASA | BBB | N3 | N-1+ |

Møller Mobility Group AS | BBB- | N3 | N-1+ |

NP3 Fastigheter AB (publ) | BB | N4 | N-2 |

NorgesGruppen ASA | BBB+ | N2** | N-1+ |

Nortura SA | BBB- | N3 | N-1+ |

SalMar ASA | A- | N2 | N-1+ |

Stendörren Fastigheter AB (publ) | BB- | N4 | N-2 |

Stenhus Fastigheter i Norden AB (publ) | BB | N4 | N-2 |

Studentbostäder i Norden AB (publ) | BB- | N4 | N-2 |

Svensk FastighetsFinansiering AB (publ) | BBB+ | N3 | N-1+ |

Södra Skogsägarna ekonomisk förening | BBB | N3 | N-1+ |

Vacse AB (publ) | A- | N2 | N-1+ |

*reflects the lower alternative due to a weak liquidity assessment.

**reflects the higher alternative due to a strong liquidity assessment.

**Contacts:**

Sean Cotten, chief rating officer, +46735600337, sean.cotten@nordiccreditrating.com

Marcus Gustavsson, analyst, +46700442775, marcus.gustavsson@nordiccreditrating.com