Fitch affirms DnB NOR Bank

Fitch Ratings said it affirmed DnB NOR Bank and DnB NOR Boligkreditt's long-term issuer default ratings at A+ and the short-term issuer default ratings at F1.

The outlook is stable.

DnB's ratings reflect its dominant franchise in Norway and improving capitalization as wells as its deteriorated asset quality and dependence on market funding, Fitch said.

The ratings of DnB NOR Boligkreditt reflect its role as covered bond vehicle for DnB, the strong integration with its direct parent and its reliance on its parent for new business and servicing agreements, the agency said.

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