Current rating

Nordea Bank Abp has credit ratings from the three large rating agencies Moody’s, Standard & Poor’s and Fitch.

The Nordea Group has both short-term and long-term ratings as well as instruments ratings on senior unsecured and capital instruments and in its mortgage credit institution subsidiaries ratings on covered bonds.

Rating

	Moody's (positive outlook)		Standard & Poor's		Fitch
	Short	Long	Short	Long	Short	Long
Nordea Bank Abp	P-1	Aa3	A-1+	AA-	F1+	AA-
Nordea Hypotek*		Aaa
Nordea Eiendomskreditt AS*		Aaa
Nordea Mortgage Bank Plc*		Aaa
Nordea Kredit*				AAA

*) Covered bond rating

Moody's		Standard & Poor's		Fitch		DBRS
Short	Long	Short	Long	Short	Long	Short	Long
P-1	Aaa	A-1+	AAA	F1+	AAA	R-1 (high)	AAA
P-2	Aa1	A-1	AA+	F1	AA+	R-1	AA (high)
P-3	Aa2	A-2	AA	F2	AA	R-1 (low)	AA
No prime	Aa3	A-3	AA-	F3	AA-	R-2 (high)	AA (low)
	A1	B	A+	B	A+	R-2	A (high)
	A2	C	A	C	A	R-2 (low)	A
	A3	D	A-	D	A-	R-3	A (low)
	Baa1		BBB+		BBB+	R-4	BBB (high)
	Baa2		BBB		BBB	R-5	BBB
	Baa3		BBB-		BBB-	D	BBB (low)
	...		...		...		...

2024
May	Moody’s Ratings affirms Nordea Bank Abp’s ratings; changes outlook to positive from stable. Moody’s believes that "this reflects the bank’s diversified regional footprint in the Nordic region, healthy asset quality and robust capital. Reflects also the bank’s continued de-risking and greater efficiency because of the current strategy."

2021
February	S&P revise to stable outlook: S&P believes that "Nordea is now on track to sustainably strengthen its earnings and to meet the key financial targets for 2022, due to the improved profit before loan losses in 2020 thanks to sound business volume growth and pronounced cost reductions."
July	Fitch revised outlook to stable: "The outlook revision is primarily driven by well executed cost optimisation and revenue growth in the last 18 months, leading to a significant profitability improvement, despite pandemic headwinds."

2018
October	Following the merger of Nordea Bank AB (publ) into the new Finnish parent company Nordea Bank Abp, Moody's, Standard & Poor's and Fitch have assigned ratings for Nordea Bank Abp at the same rating levels as before the merger.

2017
23.01.2017	Standard & Poor’s (S&P) revised the outlook for Nordea Bank AB (publ) to stable from negative and at the same time affirmed the AA- / A-1+ ratings.
January	Following the mergers of Nordea’s subsidiaries Nordea Bank Danmark, Nordea Bank Finland and Nordea Bank Norge into the parent company Nordea Bank AB (publ) on 2 January 2017, these three subsidiaries do no longer exist as separate legal entities in the Nordea Group and subsequently the ratings of the subsidiaries were withdrawn.

2014
29.05.2014	As part of a broad review of 109 European banks, Moody’s Investors Service has announced that Nordea Bank AB (publ), Nordea Bank Finland plc and Nordea Bank Norge ASA are among 82 banks to have their long-term credit rating set on negative outlook. The rating for each bank is unchanged and confirmed.

2012
20.11.2012	Standard & Poor's revised its outlook for eight Swedish banks to negative due to a weakening economic outlook and increasing economic risks for the banking sector. At the same time, Nordea's rating was affirmed.
25.05.2012	As part of a broad review of 114 European banks, Moody’s has announced that the credit rating for Nordea Bank AB (publ) has been lowered by one notch to Aa3, with stable outlook. Nordea Bank Danmark, Nordea Bank Finland and Nordea Bank Norge have also been lowered one notch to A1, Aa3 and Aa3 respectively.

2011
19.05.2011	Following a change of view from Moody's upon the Danish banking sector, a number of the largest Danish banks were downgraded. Nordea Bank Danmark's long-term rating was changed one notch from Aa2 to Aa3.

2009
09.09.2009	Together with a number of Nordic banks, Nordea was downgraded when Moody’s conducted a calibration of ratings for the whole sector. The long-term rating was lowered from Aa1 to Aa2 for Nordea Bank AB, Nordea Bank Finland plc, Nordea Bank Norge ASA and Nordea Bank Danmark A/S.

2007
10.04.2007	Moody’s Investors Service lowered the long-term local currency debt and deposit rating for Nordea Bank AB, Nordea Bank Finland plc, Nordea Bank Norge ASA and Nordea Bank Danmark A/S from Aaa to Aa1. A total of 44 banks were downgraded following Moody’s refinement of its bank rating methodology which incorporates joint default analysis (JDA).
26.02.2007	As part of the planned application of its joint default analysis (JDA) methodology and its updated bank financial strength rating (BFSR) methodology, Moody's Investors Service upgraded Nordea Bank AB, Nordea Bank Finland plc, Nordea Bank Norge ASA and Nordea Bank Danmark A/S long-term ratings to Aaa from Aa3.

2005
29.11.2005	Standard & Poor’s raised its counterparty credit ratings on Nordea Bank AB, Nordea Bank Finland, Nordea Bank Danmark and Nordea Bank Norge to AA-/A-1+ from A+/A-1 and Nordea Hypotek to A-1+ from A-1.
01.02.2005	Moody’s placed under review for possible upgrade the B Financial Strength Rating of Nordea Bank Danmark.

2004
09.11.2004	Standard & Poor’s changed its outlook to positive from stable on Nordea Bank AB and its related entities Nordea Bank Finland, Nordea Bank Norge and Nordea Bank Danmark.
19.10.2004	Standard & Poor’s assigned its AAA long-term credit rating to the Danish covered bonds (“Realkreditobligationer”) issued by Nordea Kredit.
02.03.2004	Fitch assigned ratings to Nordea Bank AB and withdrew Nordea Bank Sweden’s ratings.
01.03.2004	Moody’s and Standard & Poor’s assigned ratings to Nordea Bank AB and withdrew the ratings on Nordea Bank Sweden.

2003
01.08.2003	Moody’s upgraded to Aaa from Aa1 the ratings of the mortgage bonds issued by Nordea Kredit.

2001
16.08.2001	Fitch upgraded to AA-/F1+ from A+/F1 the long-term and short-term ratings of the banking subsidiaries of Nordea AB. The individual rating of Unibank was upgraded to B from B/C .
06.07.2001	Moody’s upgraded to Aa3 from A1 the long-term ratings of Christiania Bank and confirmed its bank financial strength rating at B- with a positive outlook.
06.07.2001	Moody’s upgraded to A1 from A2 the long-term rating of Norgeskreditt.
14.06.2001	Standard & Poor’s assigned its A+ long-term rating on Christiania Bank and affirmed its A-1 short-term rating.
10.04.2001	Moody’s adjusted financial strength rating of Christiania Bank to B-.
21.03.2001	Moody’s upgraded to Aa1 from Aa2 the rating of Unikredit.
10.01.2001	Moody’s upgraded to A1/C+ from A2/C the long-term and financial strength ratings of Christiania Bank and changed the outlook for the long-term ratings to positive from stable.
10.01.2001	Moody’s changed to positive from negative the outlook for Norgeskreditt’s A2 long-term rating.

2000
17.10.2000	Moody’s placed under review for possible upgrade the A2 long-term and C financial strength ratings of Christiania Bank.
17.10.2000	Moody’s placed under review for possible upgrade the A2 long-term rating of Norgeskreditt.
17.10.2000	All the rating institutions affirmed the ratings of operating banks of Nordic Baltic Holding Group.
12.09.2000	Standard & Poor’s assigned its A+ long-term rating to Unibank and raised its long-term ratings on Merita Bank and Nordbanken to A+ from A.
18.08.2000	Fitch raised the individual rating of Merita Bank to B from C.
05.06.2000	Moody’s upgraded to Aa3/B the long-term and financial strength ratings of Merita Bank, Nordbanken and Unibank.
05.06.2000	Moody’s upgraded to Aa2 from Aa3 the long-term rating of Unikredit.

Current rating

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Fitch

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Long

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