Moody's lifts Luminor Bank

Moody’s Ratings said it upgraded Luminor Bank AS’ long-term deposit ratings to A2 from A3 and the long-term senior unsecured ratings to A3 from Baa1.

The baseline credit assessment and adjusted BCA were upgraded to baa2 from baa3, the senior unsecured medium-term note program ratings to (P)A3 from (P)Baa1 and its short-term deposit ratings were upgraded to P-1 from P-2.

At the same time, the bank’s long-term counterparty risk ratings (CRR) and counterparty risk assessments (CRA) were upgraded to A1 and A1(cr), from A2 and A2(cr), respectively. Short-term CRR and CRA were affirmed at P-1 and P-1(cr), respectively.

The outlook on the long-term senior unsecured and deposit ratings was changed to stable from positive.

“The upgrade of Luminor’s long-term ratings reflects the bank’s improved asset quality metrics while maintaining very strong core capitalization and having successfully managed refinancing hurdles in recent years, which is captured in the upgrade to its BCA standalone assessment,” Moody’s said in a news release.

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