Fitch Ratings has on 7th March 2007 upgraded Sparebanken Nord-Norge's ("SNN") Issuer Default Ratings ("IDR") to "A" from "A-", Short-term ratings to "F1" from "F2" and Individual ratings to "B" from "B/C"; the Support ratings were affirmed at "3".  The Outlook on the ratings is Stable.  The rating action reflects the increasing importance of SNN's involvement in the SpareBank 1 Alliance ("the Alliance"), reflected in a growing contribution to the bank's profitability over recent years. The rating action also considers the bank's strong local franchise, as well as its improvements in asset quality and strengthening of capital on a "stand-alone" base.

 

Tromsoe, 8 March 2007

 

Rolf Eigil Bygdnes