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Moody : The rating agency Moody's downgrades Storebrand Banks's long-term depoits ratings to Baa2 from Baa1

12/22/2014 | 05:07am US/Eastern

The rating agency Moody's downgrades Storebrand Banks's long-term depoits ratings to Baa2 from Baa1. Outlook remains negative. Moody's states that the rating action on the bank is driven primarily by the weakened capacity of the parent group's main operating company, Storebrand Livforsikring AS, to provide support, as indicated by Moody's downgrade of the Storebrand Livsforsikring AS financial strength rating to Baa1 from A3 on 17 December 2014. The rating of Storebrand Boligkreditt AS cover Bond program is unchanged Aaa.

Lysaker, 22 December 2014

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