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Moody's assigns ratings to Norway's SpareBank 1

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Moody's assigns ratings to Norway's SpareBank 1

Moody's assigned SpareBank 1 BV A2/Prime-1 long- and short-term foreign- and local-currency deposit ratings, with a stable outlook on the long-term rating.

The agency also assigned the Norwegian lender a "baa1" baseline and adjusted baseline credit assessments, A1(cr)/Prime-1(cr) long- and short-term counterparty risk assessments and A1/Prime-1 long- and short-term foreign- and local-currency counterparty risk ratings.

The deposit ratings reflect the strength of the bank's stand-alone credit profile, as captured by its baseline credit assessment, which is based on its low level of problem loans, robust asset quality, sound capital levels and resilient profitability, balanced against a high reliance on confidence-sensitive market funding.

The stable outlook reflects Moody's expectation that SpareBank 1 will be able to counterbalance the expected margin pressure with improving efficiency and maintain its solid capital base and sound asset quality over the next 12 to 18 months.