Moody’s affirms Volvofinans

Moody's Investors Service today affirmed Volvofinans Bank AB's long- and short-term foreign and local currency A3/P-2 deposit ratings.

The baseline credit assessment was affirmed at baa2.

The subordinated debt rating was affirmed at Baa3.

The long- and short-term foreign and local currency counterparty risk ratings of A2/P-1, and the long- and short-term counterparty risk assessments of A2(cr)/P-1(cr) were affirmed.

The outlook remains stable.

Volvofinans’ ratings are underpinned by strong asset quality with problem loans to gross loans consistently below 1%, solid capitalization, and improving profitability with net income to tangible assets 0.98% for the first nine months 2018, balanced against a high reliance on market funding, the agency said.

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