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Current rating

May 2021

Nordea Bank Abp has credit ratings from the three large rating agencies Moody’s, Standard & Poor’s and Fitch, as well as obtain unsolicited ratings from DBRS.

The Nordea Group has both short-term and long-term ratings as well as instruments ratings on senior unsecured and capital instruments and in its mortgage credit institution subsidiaries ratings on covered bonds. 

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's Standard & Poor's Fitch DBRS

 

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

 

 

 

 

 

 

Nordea Eiendomskreditt AS*

 

Aaa

 

 

 

 

 

 

Nordea Mortgage Bank Plc*

 

Aaa

 

 

 

 

 

 

Nordea Kredit*       AAA        

Nordea Direct Bank ASA

    A-1+ AA-        
Nordea Direct Boligkreditt AS       AAA*        

*) Covered bond rating 

Moody's Standard & Poor's Fitch DBRS
Short Long Short Long Short Long Short Long
P-1 Aaa A-1+ AAA F1+ AAA R-1 (high) AAA
P-2 Aa1 A-1 AA+ F1 AA+ R-1 AA (high)
P-3 Aa2 A-2 AA F2 AA R-1 (low) AA
No prime Aa3 A-3 AA- F3 AA- R-2 (high) AA (low)
  A1 B A+ B A+ R-2 A (high)
  A2 C A C A R-2 (low) A
  A3 D A- D A- R-3 A (low)
  Baa1   BBB+   BBB+ R-4 BBB (high)
  Baa2   BBB   BBB R-5 BBB
  Baa3   BBB-   BBB- D BBB (low)
  ...   ...   ...   ...

March 2020

As part of the Nordea Group’s continuous high focus on obtaining relevant ratings for its funding programmes and issuances, a review has been performed of all rating agreements in the Nordea Group. In order to be cost efficient, it has been decided to only solicit ratings from one rating agency per mortgage company. Nordea Kredit Realkreditaktieselskab ('Nordea Kredit') and Nordea Hypotek AB ('Nordea Hypotek') currently have ratings from both Moody’s Investors Service Ltd. ('Moody’s') and Standard & Poor’s Credit Market Services Europe Ltd ('S&P') of their respective bond programmes and will therefore be affected by this decision. Nordea Bank Abp will continue to be rated by both Fitch (AA-), Moody’s (Aa3) and S&P (AA-).

With effect from 1 April 2020 Nordea Kredit will solicit ratings of its programme for mortgage bonds (ROs) and covered mortgage bonds (SDROs) (the 'Nordea Kredit Programme') and of bonds issued under it from S&P only.

Nordea Kredit will discontinue to solicit ratings from Moody’s of the Nordea Kredit Programme and bonds issued under it

Bonds and covered mortgage bonds issued under the Nordea Kredit Programme and rated by S&P are currently assigned a rating of AAA.

With effect from 1 April 2020 Nordea Hypotek will solicit ratings of its programme for covered bonds and bonds (the 'Nordea Hypotek Programme') and of bonds issued under it from Moody's only.

Nordea Hypotek will discontinue to solicit ratings from S&P of the Nordea Hypotek Programme and bonds issued under it.

Bonds issued under the Nordea Hypotek Programme and rated by Moody’s are currently assigned a rating of Aaa.

Nordea Eiendomskreditt AS and Nordea Mortgage Bank Plc will continue to solicit ratings for their respective bond programmes from Moody’s and Nordea Direct Boligkreditt AS will solicit ratings from S&P for their bond programme.

October 2018

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.

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

2017
23.01.2017 Standard & 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.
January Following 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
29.05.2014 As 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
20.11.2012 Standard & 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.
25.05.2012 As 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
19.05.2011 Following 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
09.09.2009 Together 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
10.04.2007 Moody’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.
26.02.2007 As 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
29.11.2005 Standard & 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.
01.02.2005 Moody’s placed under review for possible upgrade the B Financial Strength Rating of Nordea Bank Danmark.
2004
09.11.2004 Standard & 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.
19.10.2004 Standard & Poor’s assigned its AAA long-term credit rating to the Danish covered bonds (“Realkreditobligationer”) issued by Nordea Kredit.
02.03.2004 Fitch assigned ratings to Nordea Bank AB and withdrew Nordea Bank Sweden’s ratings.
01.03.2004 Moody’s and Standard & Poor’s assigned ratings to Nordea Bank AB and withdrew the ratings on Nordea Bank Sweden.
2003
01.08.2003 Moody’s upgraded to Aaa from Aa1 the ratings of the mortgage bonds issued by Nordea Kredit.
2001
16.08.2001 Fitch 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 .
06.07.2001 Moody’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.
06.07.2001 Moody’s upgraded to A1 from A2 the long-term rating of Norgeskreditt.
14.06.2001 Standard & Poor’s assigned its A+ long-term rating on Christiania Bank and affirmed its A-1 short-term rating.
10.04.2001 Moody’s adjusted financial strength rating of Christiania Bank to B-.
21.03.2001 Moody’s upgraded to Aa1 from Aa2 the rating of Unikredit.
10.01.2001 Moody’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.
10.01.2001 Moody’s changed to positive from negative the outlook for Norgeskreditt’s A2 long-term rating.
2000
17.10.2000 Moody’s placed under review for possible upgrade the A2 long-term and C financial strength ratings of Christiania Bank.
17.10.2000 Moody’s placed under review for possible upgrade the A2 long-term rating of Norgeskreditt.
17.10.2000 All the rating institutions affirmed the ratings of operating banks of Nordic Baltic Holding Group.
12.09.2000 Standard & 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.
18.08.2000 Fitch raised the individual rating of Merita Bank to B from C.
05.06.2000 Moody’s upgraded to Aa3/B the long-term and financial strength ratings of Merita Bank, Nordbanken and Unibank.
05.06.2000 Moody’s upgraded to Aa2 from Aa3 the long-term rating of Unikredit.

March 2020

As part of the Nordea Group’s continuous high focus on obtaining relevant ratings for its funding programmes and issuances, a review has been performed of all rating agreements in the Nordea Group. In order to be cost efficient, it has been decided to only solicit ratings from one rating agency per mortgage company. Nordea Kredit Realkreditaktieselskab ('Nordea Kredit') and Nordea Hypotek AB ('Nordea Hypotek') currently have ratings from both Moody’s Investors Service Ltd. ('Moody’s') and Standard & Poor’s Credit Market Services Europe Ltd ('S&P') of their respective bond programmes and will therefore be affected by this decision. Nordea Bank Abp will continue to be rated by both Fitch (AA-), Moody’s (Aa3) and S&P (AA-).

With effect from 1 April 2020 Nordea Kredit will solicit ratings of its programme for mortgage bonds (ROs) and covered mortgage bonds (SDROs) (the 'Nordea Kredit Programme') and of bonds issued under it from S&P only.

Nordea Kredit will discontinue to solicit ratings from Moody’s of the Nordea Kredit Programme and bonds issued under it

Bonds and covered mortgage bonds issued under the Nordea Kredit Programme and rated by S&P are currently assigned a rating of AAA.

With effect from 1 April 2020 Nordea Hypotek will solicit ratings of its programme for covered bonds and bonds (the 'Nordea Hypotek Programme') and of bonds issued under it from Moody's only.

Nordea Hypotek will discontinue to solicit ratings from S&P of the Nordea Hypotek Programme and bonds issued under it.

Bonds issued under the Nordea Hypotek Programme and rated by Moody’s are currently assigned a rating of Aaa.

Nordea Eiendomskreditt AS and Nordea Mortgage Bank Plc will continue to solicit ratings for their respective bond programmes from Moody’s and Nordea Direct Boligkreditt AS will solicit ratings from S&P for their bond programme.

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's Standard & Poor's Fitch DBRS

 

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

 

 

 

 

 

 

Nordea Eiendomskreditt AS*

 

Aaa

 

 

 

 

 

 

Nordea Mortgage Bank Plc*

 

Aaa

 

 

 

 

 

 

Nordea Kredit*       AAA        

Nordea Direct Bank ASA

    A-1+ AA-        
Nordea Direct Boligkreditt AS       AAA*        

-*) Covered bond rating 


**) Negative outlook