Nordic Credit Rating proposes revisions to Corporate Rating Methodology
Interested parties invited to comment by 7 Nov. 2025.
Corporate
NCR Comments: OBOS BBL 'BBB-' rating and outlook unchanged despite weak 2025 revenues
EBITDA and credit metrics supported by bank and JV payouts, offsetting weak residential development.
Andøya Space AS
Andøya Space is Norway’s national space infrastructure operator, providing orbital and sub-orbital launch services, defence testing, and aerospace research. With 60 years of launch experience and over 25 years supporting the defence sector, it operates four divisions: Spaceport, Space Defence, Sub Orbital and Education. The company is 90% state owned and 10% owned by Kongsberg Defence & Aerospace, and state ownership is classified as a 'Category 2' holding, reflecting its role in civil protection and emergency preparedness.
NCR comments: Södra Skogsägarna 'BBB+' rating and stable outlook unchanged following weaker-than-expected market development
Weaker operating performance offset by strengthened financial position from sale of Baltic forest.
NCR comments: NorgesGruppen 'A-' rating and negative outlook unchanged following acquisition of NMD
The acquisition marks NorgesGruppen's entrance into the pharmacy industry.
Nordic corporates well prepared for improving demand in 2026
Consumer and public spending expected to grow from pent up demand.
Vegamot AS
Vegamot was established as a local toll company in 1983 and became a regional operator through Norway's toll reform in 2015. Vegamot has responsibility for the counties of Trøndelag and Møre og Romsdal. Trøndelag owns 67% of Vegamot's capital and Møre og Romsdal 33%. Vegamot's mission is to provide efficient financing for toll projects on behalf of its owners through borrowing and collection of tolls. The county governments act as guarantors for loans.
PostNord AB
PostNord was founded in 2009 through a merger of the Swedish and Danish national government postal companies, Posten AB and Post Danmark A/S. The company offers parcel, logistics and postal and related services across the Nordic region. Its network includes international operations (PostNord International) that focus on e-commerce and logistics, while subsidiary Strålfors provides omni-channel communication services. PostNord is owned by the Swedish and Danish governments, which each hold 50% of the voting rights.
NCR comments: Ratings unchanged following US tariffs on NCR-rated issuers
NCR-rated issuers could face challenges due to macroeconomic uncertainty.
Norwegian farmed salmon prices likely to remain buoyant
Possibility of US tariffs increases political risk for sector.