Sustainable power production supports the creditworthiness of Nordic utilities
NCR views the credit outlook for Nordic utilities as stable supported by sustainable power generation and strong ownership.
esg
ALL
Rapidly growing and profitable niche banks face challenges
NCR sees challenges ahead for consumer banks due to declining growth prospects, higher funding costs and higher losses.
Nordic bond maturities in 2019 - a slightly more challenging affair
Our analysis suggests the issuers may have to refinance 2019 maturities at a premium from current levels.
Kredittforeningen for Sparebanker
KfS is a licenced credit institution providing medium- and long-term senior loans to Norwegian savings banks. Established in 2004 by Eiendomskreditt AS and 49 savings banks, it serves as a vehicle for small savings banks with limited access to the bond market. Through a green bond initiative, KfS also allows banks to offer green loans and attract new investors. The company is organised as a credit association and is operated according to cooperative principles.
NCR expands coverage to covered bonds
During spring, 2019, market participants will be invited to provide comments on the covered bond methodology.
Sparbanken Västra Mälardalen
Rating withdrawn on 1 Sep. 2025 due to merger with then Sparbanken Rekarne, now Sparbanken Mälardalen.
Sparbanken Mälardalen AB (publ)
Sparbanken Mälardalen is a Swedish savings bank based in the Mälardalen region, west of Stockholm. Its core market comprises five municipalities with a combined population of about 180,000. Formed on 1 Sep. 2025 through the merger of Sparbanken Rekarne and Sparbanken Västra Mälardalen, it is one of Sweden's largest savings banks.
The bank is owned by the savings bank foundations of the two former banks and Swedbank AB. It has a history of collaborating with Swedbank on various products, IT solutions and retail mortgage financing through Swedbank Hypotek AB.
SpareBank 1 Østfold Akershus
SpareBank 1 Østfold Akershus is a medium-sized Norwegian regional savings bank with origins dating back to 1835. The bank has operations in Østfold county and the southern part of Akershus county in south-eastern Norway, along the E6 highway and within commuting distance to Oslo.
Vacse AB (publ)
Vacse is a Swedish property company focused on owning, managing, and developing public-sector properties leased under long-term contracts to Swedish government agencies and municipalities (mainly the police, prisons and courts administration) and municipalities. It was founded in 2009 by pension foundations associated with Apoteket AB, Atlas Copco AB, Ericsson AB, Sandvik AB, Skanska AB, Stora Enso AB and AB Volvo. In 2022, Volvo Personvagnars Pensionsstiftelse acquired Atlas Copco Pension's stake, resulting in two separate Volvo pension funds holding stakes in the company.
Nordic banks capital measures lack comparability
A significant drawback of regulatory capital measures is the lack of comparability between institutions that employ internal ratings-based (IRB) capital...