Nordic Credit Rating (NCR) said today that it had raised its senior unsecured issue ratings on SalMar ASA to 'BBB+' from 'BBB' in accordance with its revised issue rating methodology for corporate issuers. At the same time, NCR affirmed the 'BBB+' long-term issuer ratings and 'N3' short-term issuer ratings on SalMar. NCR also affirmed the issuer ratings and issue ratings on Jotun A/S, Kongsberg Gruppen ASA and Nortura SA according to the table below. The ratings on all four of these companies are no longer under criteria review.
Rationale
On 8 May 2022, NCR placed all corporate issuers with public issue ratings on outstanding senior unsecured debt instruments under criteria review following the publication of its amended Corporate Rating Methodology. The amendments have had no effect on any outstanding long-term issuer or short-term issuer ratings on these corporate issuers.
Our review of the corporate issuers listed below is now complete and the ratings have been removed from criteria review. The senior unsecured ratings on SalMar were raised by one notch to reflect low normalised financial gearing in relation to earnings, which supports the recovery prospects of unsecured debtholders.
For further details, see the separate rating action report for each entity, which can be found on their respective NCR issuer pages.
Rating actions
Issuer | Long-term issuer rating | New senior unsecured rating | Previous senior unsecured rating |
---|---|---|---|
Jotun A/S | BBB+ | BBB+ | BBB+ |
Kongsberg Gruppen ASA | A- | A- | A- |
Nortura SA* | BBB- | BBB- | BBB- |
SalMar ASA | BBB+ | BBB+ | BBB |
*Nortura's subordinated debt issue ratings were affirmed at 'BB'.
Contacts:
Sean Cotten, chief rating officer, +46735600337, sean.cotten@nordiccreditrating.com
Geir Kristiansen, analyst, +4790784593, geir.kristiansen@nordiccreditrating.com