DNB NOR GIVEN AAA RATING BY MOODY`S
The rating agency Moody`s Investors Service has raised the long-term rating of DnB NOR Bank from Aa3 to Aaa. This reflects the agency`s introduction of the new rating methodology Joint- Default Analysis (`JDA`), which places greater emphasis on the strength of the Norwegian financial system and DnB NOR`s position in the financial market. Aaa is the highest rating possible. Group chief executive Rune Bjerke is very pleased with the upgrading and points out that it demonstrates Moody`s full recognition of the tremendous growth in the Norwegian economy over the past 10-12 years and the parallel strengthening of the largest Norwegian financial institutions. `An Aaa rating will also improve the DnB NOR Group`s access to capital from a number of sources in international markets and bring down funding costs,` says Bjerke.