OSLO, NORWAY: Moody’s Investors Service (Moody`s) has today upgraded the bank’s long-term deposit, Senior Preferred debt and counterparty ratings and assessment to Aa3. The rating of the bank’s Senior Non Preferred debt is affirmed at A3. The deposit and senior unsecured ratings carry a stable outlook.

According to Moody’s, the rating upgrade reflects continued improvement in the bank’s asset risk, supported by the bank’s high share of retail lending (76 %) and reduction in exposure to more volatile sectors leading to a lower proportion of non-performing loans. In addition, the bank’s operational efficiency, with cost-to-income well below 40 %, has supported an improvement in profitability.