Nordic Credit Rating (NCR) has affirmed its long-term issuer ratings, short-term issuer ratings, as well as its senior unsecured, Additional Tier 1 and Tier 2 issue ratings for three Swedish niche banks, in accordance with its revised financial institutions rating methodology. The banks are Norion Bank AB (publ), NOBA Bank Group AB (publ), and Resurs Bank AB (publ). The ratings on these banks are no longer under criteria review.
NCR has reviewed its ratings and outlooks for these three banks following the revision of its methodology for assigning ratings to financial institutions (link). We consider that our amendments to the methodology have not had a material impact on our view of the banks' creditworthiness, and that there have not been significant changes in their overall risk profiles. Consequently, we have affirmed our ratings on all three banks.
For further details and updated rating drivers, see the rating action reports for each bank, which can be found on their respective NCR issuer pages (link).
| Long-term issuer rating | Short-term issuer rating | Senior unsecured issue rating | Tier 2 instrument rating | Additional Tier 1 instrument rating | Outlook |
Norion Bank AB (publ) | BB+ | N4 | BB+ | BB- | B | Stable |
NOBA Bank Group AB (publ) | BBB | N3 | BBB | BB+ | BB- | Stable |
Resurs Bank AB (publ) | BBB- | N3 | BBB- | BB | - | Stable |
Related publications
i) NOBA Bank Group AB (publ) 'BBB' long-term issuer rating affirmed; Outlook stable, 31 Mar. 2025.
ii) NCR comments: Norion Bank ’BB+’ rating unchanged following Balder proposal, 25 Mar. 2025.
iii) Resurs Bank long-term issuer rating lowered to 'BBB-'; Outlook stable, 13 Mar. 2025.
iv) Norion Bank 'BB+' long-term issuer rating affirmed; Outlook stable, 7 Mar. 2025.
v) Norion Bank long-term issuer rating lowered to 'BB+'; Outlook stable, 18 Dec. 2024.
vi) Nordic Credit Rating publishes amended Financial Institutions Rating Methodology, 12 May 2025.
Contacts:
Sean Cotten, chief rating officer, +46735600337, sean.cotten@nordiccreditrating.com
Ylva Forsberg, analyst, +46768806742, ylva.forsberg@nordiccreditrating.com