Nordic Credit Rating proposes revisions to Corporate Rating Methodology
Interested parties invited to comment by 7 Nov. 2025.
Corporate
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.
NCR Comments: Å Energi assumes majority ownership in Fredrikstad Energi
Uncertainty remains to the company's role in the combined group.
Veas Selvkost AS
Veas Selvkost is the largest wastewater treatment company in Norway and provides statutory services for its municipal owners. Its primary objective is to treat wastewater in accordance with requirements set out by the respective county governors in the Oslofjorden area in southeastern Norway.
The company was founded in 1976 and is owned by the City of Oslo (70.5%), Bærum municipality (21.5%), and Asker municipality (8%). In 2022, it became a limited liability company with a group structure under a common parent company, Veas AS.
Nordic Credit Rating's view on distressed exchanges
Clarification on defining distressed exchanges and defaults.
NCR Comments: Main owner initiates sale of 51% stake in Fredrikstad Energi
Outcome and future ownership structure not clear.
Elopak ASA
Elopak is a Norway-based carton packaging manufacturer and distributor with operations in more than 70 countries. In addition to the production and distribution of carton packaging, Elopak manufactures aseptic filling machinery, sells and distributes new machinery for packaging fresh products from partners, and provides service and maintenance support. Since its establishment in 1957, the company has been majority-owned by family-owned investment holding company Ferd AS.