Fitch provides B+ to Odea Bank notes

Fitch Ratings said it assigned Odea Bank AS' (BB-/stable/bb-) planned issue of Basel III-compliant Tier 2 capital notes an expected rating of B+(EXP). The size of the issue is not yet determined.

The notes are rated one notch below Odea Bank's viability rating of bb- in accordance with Fitch's "Global Bank Rating Criteria." The notching includes zero notches for incremental non-performance risk relative to the viability rating and one notch for loss severity.

Fitch said it applied zero notches for incremental non-performance risk, as the agency believes that write-down of the notes will only occur once the point of non-viability is reached and there is no coupon flexibility prior to non-viability.

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