Fitch rates Odeabank BB-

Fitch Ratings said it assigned long-term issuer default ratings of BB- to Odeabank AS, along with short-term issuer default ratings of B and national long-term rating of A+.

The outlook is stable.

The ratings are driven by the bank's standalone creditworthiness as reflected in the bank's viability rating of BB-, Fitch said.

The ratings reflect Odeabank's limited franchise and heightened credit risk profile considering the bank's high share of foreign-currency lending, some high risk sectoral exposures and only moderate specific reserves coverage of non-performing loans, the agency said.

However, the ratings also consider in the bank's generally improving financial metrics and reasonable funding profile in light of the predominance of customer deposits in the bank's funding base and limited wholesale funding reliance, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.