- All key ratings at Investment Grade again
- Bürkle: "Upgrade confirms we are on the right track"
- Fitch Ratings and DBRS also appreciate implementation of capital measures
The rating agency Moody's has increased its long-term ratings for NORD/LB Norddeutsche Landesbank by two notches from Baa2 to A3. This means that all of NORD/LB's key ratings including the deposit rating are at Investment Grade again. The outlook was set as stable.
Thomas Bürkle, Chairman of the Managing Board of NORD/B, said: "This significant rating upgrade - by two notches - is confirmation that we are on the right path. By implementing the capital measures and consistently downsizing the ship financing portfolio, and with the restructuring process already initiated, we have taken important steps for the realignment of the bank. This rating improvement is an incentive for us to keep pushing the transformation of NORD/LB forward."
The agencies of DBRS and Fitch Ratings already concluded their review of NORD/LB's ratings at the start of the year and reported a positive (DBRS) or stable (Fitch) outlook. Fitch also increased its financial strength rating for NORD/LB to "bb+". All of these adjustments were based on the successful implementation of the capital measures at the end of 2019.
About NORD/LB
With total assets of EUR 145 billion, NORD/LB Norddeutsche Landesbank is one of the leading German commercial banks. Its core business areas include transactions with corporate customers, private and commercial customers including private banking, as well as structured financing in the energy and infrastructure sector, for aircraft and for commercial real estate. The bank is based in Hanover, Brunswick and Magdeburg and also has offices in Bremen, Oldenburg, Hamburg, Schwerin, Düsseldorf, Munich and Stuttgart. Outside of Germany, NORD/LB is represented as a mortgage bank (NORD/LB Covered Bond Bank) in Luxembourg and also has offices in London, New York, Singapore and Shanghai.
