Moody’s gives Skandiabanken A3/Prime-2 deposits

Moody's Investors Service said it assigned A3/Prime-2 long- and short-term bank deposit ratings, a baa1 baseline credit assessment (BCA) and a baa1 adjusted BCA to Skandiabanken ASA following the bank's separation from Sweden's Skandiabanken AB (deposit ratings A2/Prime-1, BCA baa1) on Oct. 5.

The outlook is stable.

The agency also assigned a A1(cr)/Prime-1(cr) counterparty risk assessment (CR Assessment) to Skandiabanken ASA, in line with its revised bank rating methodology published on March 16.

At the same time, Moody's withdrew the ratings and CR Assessments of Skandiabanken AB Filial Norge, the Norwegian branch of Skandiabanken AB, due to reorganization as its assets and liabilities were transferred to Skandiabanken ASA.

Moody's said the actions reflect that the Swedish parent bank Skandiabanken AB has completed the transfer of capital, assets, rights and obligations of its Norwegian branch to the new bank Skandiabanken ASA, which is fully operational, as management and IT systems were part of the transfer.

Given the full transfer, the agency noted that its ratings of Skandiabanken ASA remain in line with the ratings previously assigned to the branch, Skandiabanken AB Filial Norge, which had been assigned in August.

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