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Nordic niche banks focusing on unsecured consumer lending have recently encountered headwinds from regulators and in the stock market.

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With an average credit assessment of 'bbb+' for the fifth year in a row, a sample of over 300 Nordic banks demonstrated stable creditworthiness in 2018.

• Read more about Has Nordic bank creditworthiness reached its peak?

Following requests from market participants, NCR extend the comment period to 31 May 2019.

• Read more about NCR extends covered bond comment period to 31 May

In preparing this report Nordic Credit Rating (NCR) looked at shifts in the different elements of the sector's profit and loss ...

• Read more about Bigger is better among Norwegian savings banks

The covered bond rating methodology focuses on Nordic covered bond issuers, national regulations and market characteristics.

• Read more about Nordic Credit Rating publishes its methodology for covered bonds

NCR views the credit outlook for Nordic utilities as stable supported by sustainable power generation and strong ownership. esg

• Read more about Sustainable power production supports the creditworthiness of Nordic utilities

NCR sees challenges ahead for consumer banks due to declining growth prospects, higher funding costs and higher losses.

• Read more about Rapidly growing and profitable niche banks face challenges

Our analysis suggests the issuers may have to refinance 2019 maturities at a premium from current levels.

• Read more about Nordic bond maturities in 2019 - a slightly more challenging affair

• Read more about 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.

We expect new Norweigan regulations will lead to higher margins on mortgage loans to offset lower margin requirements for SME customers.

• Read more about Norwegian bank's SME discount likely to be financed by mortgage customers