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«Rating Action: Moody's assigns A3/P-2 deposit ratings to Skandiabanken ASA; outlook stable Global Credit Research - 06 Oct 2015 London, 06 October ...»

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Rating Action: Moody's assigns A3/P-2 deposit ratings to Skandiabanken ASA;

outlook stable

Global Credit Research - 06 Oct 2015

London, 06 October 2015 -- -- Moody's Investors Service has today assigned A3/Prime-2 long- and short-term

bank deposit ratings, a baa1 baseline credit assessment (BCA), and a baa1 adjusted BCA to Skandiabanken ASA

following the bank's separation from Sweden's Skandiabanken AB (deposit ratings A2/Prime-1, BCA baa1) on 5

October. The rating outlook is stable.

Moody's also assigned a A1(cr)/Prime-1(cr) Counterparty Risk Assessment (CR Assessment) to Skandiabanken ASA, in line with its revised bank rating methodology published on 16 March 2015.

At the same time, Moody's has withdrawn the ratings and CR Assessments of Skandiabanken AB Filial Norge, the Norwegian branch of Skandiabanken AB, due to reorganisation as its assets and liabilities were transferred to Skandiabanken ASA. A detailed list of the affected issuers and ratings can be found at the end of this press release.

RATINGS RATIONALE

Moody's rating actions reflect that the Swedish parent bank Skandiabanken AB has completed the transfer of capital, assets, rights and obligations of its Norwegian branch to the new bank Skandiabanken ASA, which is fully operational, as management and IT systems were part of the transfer. Given the full transfer, Moody's notes that its ratings of Skandiabanken ASA remain in line with the ratings previously assigned to the branch, Skandiabanken AB Filial Norge, which had been assigned in August 2015.

--TRANSFER OF ASSETS AND LIABILITIES TO SKANDIABANKEN ASA IS COMPLETED

Yesterday, Skandiabanken ASA took over the activities of Skandiabanken AB Filial Norge, a branch of Sweden's Skandiabanken AB, through a transfer of capital, assets, rights and obligations.

Skandiabanken ASA was granted a banking license by the Norwegian FSA in May 2015, which allows the bank to continue the operations previously undertaken by Skandiabanken AB Filial Norge, without any interruptions. The branch's experienced management team was part of the transfer and the separation includes an 18-month service agreement for the IT systems, mitigating potential issues related to demergers. So, while Skandiabanken ASA is legally a separate entity from Skandiabanken AB Filial Norge, it continues the branch's activities with the same employees and customers. The license to act as a mortgage credit institution allows its subsidiary, Skandiabanken Boligkreditt AS, to issue covered bonds.

Through this transfer, Skandia group is taking the first steps towards exiting the Norwegian operations of Skandiabanken, which the group considers no longer strategically important, focusing on its Swedish core market.

Moody's considers the Norwegian banking operations as more profitable than the Swedish, and believes that Skandiabanken ASA will be able to continue its strong performance without being part of Skandiabanken AB.

Skandia has announced that shares in Skandiabanken ASA will be transferred from Skandia AB to Skandia Liv during the fourth quarter of 2015, and following the transfer, it intends to float Skandiabanken ASA on the Oslo Stock Exchange through an initial public offering (IPO).

--RATING CONSIDERATIONS IN LINE WITH RATINGS ASSIGNED TO SKANDIABANKEN AB FILIAL

NORGE In August, Moody's assigned ratings to Skandiabanken AB Filial Norge in the understanding that the branch's activities would be split off from the Swedish bank. The separation itself hence does not change Moody's intrinsic assessment of the Norwegian activities, including the assessment of loss given failure.

Skandiabanken ASA's baa1 BCA is based on strong profitability and efficiency compared with peers, excellent asset quality despite aggressive lending growth, and adequate capitalization, balanced against increasing use of wholesale funding, and high mortgage concentration. Concurrent with the transfer, the bank completed the issuance of NOK400 million addition Tier 1 capital and NOK500 million Tier 2 capital. The capital raise was aimed at securing Skandiabanken ASA's common equity Tier 1 ratio target of 13% and its total capital ratio target of 16.5%. Moody's also considers Skandiabanken ASA to have low loss given failure through a large cushion of bailin-eligible debt that protects depositors against loss in a currently unlikely failure scenario, resulting in a one notch rating uplift.

We refer to "Moody's assigns A3/P-2 deposit ratings to Skandiabanken's Norwegian branch; outlook stable", published 21 August 2015, for further details on the rating assessment of Skandiabanken's Norwegian operations (https://www.moodys.com/research/--PR_333041).

WHAT COULD MOVE THE RATINGS UP/DOWN

An upgrade of the bank's deposit ratings is currently unlikely given the stable outlook. Upward rating pressure could develop if the bank is sold to an institution with a strong ability and willingness to provide support if needed.

Upward rating pressure could also develop as a result of a larger cushion of bail-in-eligible liabilities whilst not negatively affecting its capital and funding profile. The BCA, and hence deposit ratings, would likely be subject to downward pressure if (1) problem loans increase to more than 2.0% of gross loans, a level considerably higher than the 0.2% average over the last three years; and/or (2) market funds increase to more than 45% of tangible banking assets. Deposit ratings would also be subject to a downgrade if the cushion of bail-in-eligible liabilities were to decrease.





The principal methodology used in these ratings was Banks published in March 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

List of affected ratings

Assignments:

..Issuer: Skandiabanken ASA.... LT Bank Deposits (Local and Foreign Currency), Assigned A3 Stable.... ST Bank Deposits (Local and Foreign Currency), Assigned P-2.... Adjusted Baseline Credit Assessment, Assigned baa1.... Baseline Credit Assessment, Assigned baa1.... Counterparty Risk Assessment, Assigned A1(cr).... Counterparty Risk Assessment, Assigned P-1(cr)

Outlook Actions:

..Issuer: Skandiabanken ASA....Outlook, Assigned Stable

Withdrawals:

..Issuer: Skandiabanken AB Filial Norge.... LT Bank Deposits (Foreign and Local Currency), Withdrawn, previously rated A3 Stable.... ST Bank Deposits (Foreign and Local Currency), Withdrawn, previously rated P-2.... Adjusted Baseline Credit Assessment, Withdrawn, previously rated baa1.... Baseline Credit Assessment, Withdrawn, previously rated baa1.... Counterparty Risk Assessment, Withdrawn, previously rated A1(cr).... Counterparty Risk Assessment, Withdrawn, previously rated P-1(cr)

Outlook Actions:

..Issuer: Skandiabanken AB Filial Norge....Outlook, Changed To Rating Withdrawn From Stable

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Giovanni Fontana Vice President - Senior Analyst Financial Institutions Group Moody's Investors Service Ltd.

One Canada Square Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Sean Marion Managing Director Financial Institutions Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

Releasing Office:

Moody's Investors Service Ltd.

One Canada Square Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 © 2015 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES

(“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES,

CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH

PUBLICATIONS PUBLISHED BY MOODY’S (“MOODY’S PUBLICATIONS”) MAY INCLUDE MOODY’S

CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS,

OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY

MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY

ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY

OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE

VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE

NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE

QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR

COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S

PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT

RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO

PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S

PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR

INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH

THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS

OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR

PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL

INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY’S CREDIT

RATINGS OR MOODY’S PUBLICATIONS IN MAKING ANY INVESTMENT DECISION. IF IN DOUBT YOU

SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO,

COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE

REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED,

REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN

WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON

WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable.

Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s Publications.



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