Moody's gives Baa1 to SpareBank 1 SMN notes

Moody's Investors Service said it assigned a local currency Baa1 rating to the recent issuance of NOK 1 billion senior non-preferred notes by SpareBank 1 SMN.

The notes, which are classed as "junior senior" unsecured notes by Moody's, are ranked junior to other senior unsecured obligations, including senior unsecured debt, and senior to subordinated debt issuances of the bank.

Although ratings assigned to junior senior securities do not carry an outlook, Moody's noted that the bank's deposit and debt ratings carry a stable outlook “reflecting its robust positioning, when compared to local and international peers.”

“In addition, the stable outlook also reflects the bank's resilient core earnings, loan growth and asset quality through the cycle balanced by challenges induced by the coronavirus and reduced oil prices on the back of its oil-related exposures,” Moody’s said in a news release.

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