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Moody's upgrades Sparebanken Øst

Moody's on Oct. 4 upgraded Sparebanken Øst's long-term deposit and issuer ratings to A2 from A3, with a stable outlook.

The agency also upgraded the bank's short-term deposit rating to P-1 from P-2, its baseline and adjusted baseline credit assessments to "baa1" from "baa2" and its long-term counterparty risk assessment to A1(cr) from A2(cr).

Moody's noted that despite the challenging economic conditions in Norway over the last two years, Sparebanken Øst was able to strengthen its asset quality, increase coverage of problem loans and improve its capitalization.

The upgrade of the long-term deposit and issuer ratings reflect a similar action on the bank's baseline and adjusted baseline credit assessments, according to the agency.