Current rating

Current Ratings Previous rating actions Rating scales Current Ratings

November 2019

Rating 

Following the merger of Nordea Bank AB (publ) into the new Finnish parent company Nordea Bank Abp, Moody's, Standard & Poor's and Fitch have assigned ratings for Nordea Bank Abp at the same rating levels as before the merger.

Moody'sStandard & Poor'sFitchDBRS

 

Short

Long

Short

Long

Short

Long

Short

Long

Nordea Bank Abp

P-1

Aa3

A-1+

AA-

F1+

AA-***

R-1 (mid)

AA (low)

Nordea Hypotek

 

Aaa *

 

AAA *

 

 

 

 

Nordea Eiendomskreditt AS

 

Aaa *

 

 

 

 

 

 

Nordea Mortgage Bank Plc

 

Aaa *

 

 

 

 

 

 

Nordea KreditAaa *AAA *

Gjensidige Bank ASA

A-1A+**
Gjensidige Bank Boligkredit ASAAA*

*) Covered bond rating 

**) Positive outlook

***) Negative outlook

Previous rating actions

Please note that their were no actions taken during 2016, 2015, 2013, 2010, 2008, 2006, 2002.

2017
23.01.2017Standard & Poor’s (S&P) revised the outlook for Nordea Bank AB (publ) to stable from negative and at the same time affirmed the AA- / A-1+ ratings.
JanuaryFollowing the mergers of Nordea’s subsidiaries Nordea Bank Danmark, Nordea Bank Finland and Nordea Bank Norge into the parent company Nordea Bank AB (publ) on 2 January 2017, these three subsidiaries do no longer exist as separate legal entities in the Nordea Group and subsequently the ratings of the subsidiaries were withdrawn.
2014
29.05.2014As part of a broad review of 109 European banks, Moody’s Investors Service has announced that Nordea Bank AB (publ), Nordea Bank Finland plc and Nordea Bank Norge ASA are among 82 banks to have their long-term credit rating set on negative outlook. The rating for each bank is unchanged and confirmed.
2012
20.11.2012Standard & Poor's revised its outlook for eight Swedish banks to negative due to a weakening economic outlook and increasing economic risks for the banking sector. At the same time, Nordea's rating was affirmed.
25.05.2012As part of a broad review of 114 European banks, Moody’s has announced that the credit rating for Nordea Bank AB (publ) has been lowered by one notch to Aa3, with stable outlook. Nordea Bank Danmark, Nordea Bank Finland and Nordea Bank Norge have also been lowered one notch to A1, Aa3 and Aa3 respectively.
2011
19.05.2011Following a change of view from Moody's upon the Danish banking sector, a number of the largest Danish banks were downgraded. Nordea Bank Danmark's long-term rating was changed one notch from Aa2 to Aa3.
2009
09.09.2009Together with a number of Nordic banks, Nordea was downgraded when Moody’s conducted a calibration of ratings for the whole sector. The long-term rating was lowered from Aa1 to Aa2 for Nordea Bank AB, Nordea Bank Finland plc, Nordea Bank Norge ASA and Nordea Bank Danmark A/S.
2007
10.04.2007Moody’s Investors Service lowered the long-term local currency debt and deposit rating for Nordea Bank AB, Nordea Bank Finland plc, Nordea Bank Norge ASA and Nordea Bank Danmark A/S from Aaa to Aa1. A total of 44 banks were downgraded following Moody’s refinement of its bank rating methodology which incorporates joint default analysis (JDA). The refined methodology, released on March 30th, reduces the level of external support incorporated into bank deposits and debt ratings in order to give greater weight to the intrinsic financial strength of the financial institution.
26.02.2007As part of the planned application of its joint default analysis (JDA) methodology and its updated bank financial strength rating (BFSR) methodology, Moody's Investors Service upgraded Nordea Bank AB, Nordea Bank Finland plc, Nordea Bank Norge ASA and Nordea Bank Danmark A/S long-term ratings to Aaa from Aa3.
2005
29.11.2005Standard & Poor’s raised its counterparty credit ratings on Nordea Bank AB, Nordea Bank Finland, Nordea Bank Danmark and Nordea Bank Norge to AA-/A-1+ from A+/A-1 and Nordea Hypotek to A-1+ from A-1.
01.02.2005Moody’s placed under review for possible upgrade the B Financial Strength Rating of Nordea Bank Danmark.
2004
09.11.2004Standard & Poor’s changed its outlook to positive from stable on Nordea Bank AB and its related entities Nordea Bank Finland, Nordea Bank Norge and Nordea Bank Danmark.
19.10.2004Standard & Poor’s assigned its AAA long-term credit rating to the Danish covered bonds (“Realkreditobligationer”) issued by Nordea Kredit.
02.03.2004Fitch assigned ratings to Nordea Bank AB and withdrew Nordea Bank Sweden’s ratings.
01.03.2004Moody’s and Standard & Poor’s assigned ratings to Nordea Bank AB and withdrew the ratings on Nordea Bank Sweden.
2003
01.08.2003Moody’s upgraded to Aaa from Aa1 the ratings of the mortgage bonds issued by Nordea Kredit.
2001
16.08.2001Fitch upgraded to AA-/F1+ from A+/F1 the long-term and short-term ratings of the banking subsidiaries of Nordea AB. The individual rating of Unibank was upgraded to B from B/C .
06.07.2001Moody’s upgraded to Aa3 from A1 the long-term ratings of Christiania Bank and confirmed its bank financial strength rating at B- with a positive outlook.
06.07.2001Moody’s upgraded to A1 from A2 the long-term rating of Norgeskreditt.
14.06.2001Standard & Poor’s assigned its A+ long-term rating on Christiania Bank and affirmed its A-1 short-term rating.
10.04.2001Moody’s adjusted financial strength rating of Christiania Bank to B-.
21.03.2001Moody’s upgraded to Aa1 from Aa2 the rating of Unikredit.
10.01.2001Moody’s upgraded to A1/C+ from A2/C the long-term and financial strength ratings of Christiania Bank and changed the outlook for the long-term ratings to positive from stable.
10.01.2001Moody’s changed to positive from negative the outlook for Norgeskreditt’s A2 long-term rating.
2000
17.10.2000Moody’s placed under review for possible upgrade the A2 long-term and C financial strength ratings of Christiania Bank.
17.10.2000Moody’s placed under review for possible upgrade the A2 long-term rating of Norgeskreditt.
17.10.2000All the rating institutions affirmed the ratings of operating banks of Nordic Baltic Holding Group.
12.09.2000Standard & Poor’s assigned its A+ long-term rating to Unibank and raised its long-term ratings on Merita Bank and Nordbanken to A+ from A.
18.08.2000Fitch raised the individual rating of Merita Bank to B from C.
05.06.2000Moody’s upgraded to Aa3/B the long-term and financial strength ratings of Merita Bank, Nordbanken and Unibank.
05.06.2000Moody’s upgraded to Aa2 from Aa3 the long-term rating of Unikredit.
Rating scales


Moody'sStandard & Poor'sFitchDBRS
ShortLongShortLongShortLongShortLong
P-1AaaA-1+AAAF1+AAAR-1 (high)AAA
P-2Aa1A-1AA+F1AA+R-1AA (high)
P-3Aa2A-2AAF2AAR-1 (low)AA
No primeAa3A-3AA-F3AA-R-2 (high)AA (low)
A1BA+BA+R-2A (high)
A2CACAR-2 (low)A
A3DA-DA-R-3A (low)
Baa1BBB+BBB+R-4BBB (high)
Baa2BBBBBBR-5BBB
Baa3BBB-BBB-DBBB (low)
............