S&P affirms OP Corporate Bank

S&P said it affirmed its AA-/A-1+ long- and short-term issuer credit ratings on OP Corporate Bank plc.

The outlook is stable.

The agency also affirmed the A- issue ratings on subordinated debt instruments issued by OP Corporate Bank.

At the same time, the agency affirmed the A+ long-term issuer credit rating on core subsidiary OP Insurance Ltd.

“The ratings on OP continue to reflect our view that capital remains a ratings strength, relative to the risks that the bank undertakes,” S&P said in a news release.

“The strong domestic franchise of the wider OP Financial Group (comprising about 157 member cooperative banks) and the bank's diversified business model, both of which have resulted in sound and predictable operating profitability, also support the rating.”

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