Nordic Credit Rating (NCR) said today that it had assigned an 'N3' short-term issuer rating to Sweden-based Nordax Bank AB (publ), in accordance with its revised short-term rating scale. At the same time, the 'BBB' long-term issuer rating, the 'BBB' senior unsecured issue ratings and the 'BB+' issue ratings on tier 2 instruments were affirmed. The outlook is stable. The ratings are no longer under criteria review.
| Rating list | To | From |
|---|---|---|
| Long-term issuer credit rating: | BBB | BBB |
| Outlook: | Stable | Stable |
| Short-term issuer credit rating: | N3 | N-1+ |
| Senior unsecured issue rating: | BBB | BBB |
| Tier 2 issue rating: | BB+ | BB+ |
Contacts:
Sean Cotten, chief rating officer, +46735600337, sean.cotten@nordiccreditrating.com
Gustav Nilsson, analyst, +46735420446, gustav.nilsson@nordiccreditrating.com
The methodology documents used for this rating are NCR's Financial Institutions Rating Methodology published on 18 Feb. 2022, NCR's Group and Government Support Rating Methodology published on 18 Feb. 2022 and NCR's Rating Principles published on 24 May 2022. For the full regulatory disclaimer please see the rating report.