New rating following Glitnir takeover

New rating following Glitnir takeover
Rating actions regarding SpareBank 1 Nord-Norge acquiring of 20 % of Glitnir Bank ASA
Fitch Ratings and Moodys Investor service has made a review on SpareBank 1 Nord-Norge ratings after the bank's participation in a consortium comprising 20 SpareBank 1-banks that shall acquire 100 % of the shares in Glitnir Bank ASA.
Fitch have affirmed the same long-term rating (A) as previously, as have Moody's (AA3).  Moody's has revised the outlook from stable to negative, while Fitch maintains an unchanged outlook. Moody's cites the risk posed by the integration process with Glitnir Bank as the rationale for its change of stance.
Contact person at SpareBank 1 Nord-Norge:
CFO Rolf Eigil Bygdnes +47 905 19 774

About Us

SpareBank 1 Nord-Norge is a leading provider of financial products and services in North-Norway. In addition to loans, deposits and payment transmission services, this also comprises most other savings products, as well as life- and non-life insurance products. Services and products are made available either by the bank and its subsidiaries, or through SpareBank 1 Gruppen AS's product companies.