Moody’s rates Odea Bank debt B2 (hyb)

Moody's Investors Service said it assigned a provisional B2 (hyb) long-term foreign-currency subordinated debt rating to Odea Bank AS' (long term foreign-currency deposit rating of Ba3 with a negative outlook, short term foreign-currency deposit rating of NP and BCA of ba3) planned dollar-denominated contractual non-viability Tier 2 bond issuance.

Moody’s said the provisional rating assigned to the subordinated debt obligations of Odea Bank is positioned two notches below the bank's adjusted baseline credit assessment (BCA) of ba3, in line with the agency’s standard notching guidance for subordinated debt with loss triggered at the point of non-viability, on a contractual basis. The provisional rating does not incorporate any uplift from government support.

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