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S&P revises outlook on Storebrand Bank

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S&P revises outlook on Storebrand Bank

S&P Global Ratings on July 13 affirmed 's BBB+/A-2 long-and short-term counterparty credit ratings and revised the outlook on the bankto stable from negative.

S&P said it now considers the bank to be core to thewider Storebrand ASAgroup, given its integration with the parent company's strategy and customerbase. The core status creates an expectation of parental support for the bank,if needed, offsetting S&P's perception of growing economic risks inNorwegian banking.

The stable outlook reflects that on the insurance group's core operatingcompany, StorebrandLivsforsikring AS, which mirrors a change in S&P's assessmentof the wider Storebrand group.

S&P Global Ratings and S&P Global MarketIntelligence are owned by S&P Global Inc.