Moody's confirms Storebrand

Moody's Investors Service confirmed Storebrand Livsforsikring AS including its junior subordinated debt at Baa2 and Storebrand ASA including its senior debt at Baa3. The confirmation concludes the review begun on May 2. The outlook is stable.

Moody's said the confirmation and stable outlook reflects the extensive actions taken by the Storebrand Group to stabilize the financial condition and improve the profitability of the holding company, Storebrand ASA, as well as its main operating subsidiaries, Storebrand Liv and Storebrand Bank.

These actions, coupled with recovering capital markets, resulted in the Storebrand Group reporting a profit of NOK332 million for the first half of 2003 compared to a loss of NOK892 million for the year 2002.

Moody's added that while the leverage profile of the group remains relatively high, it believes that the company will be addressing this over the near term.

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