The ratings for senior preferred and senior non-preferred bonds were also upgraded by two notches each to AA- and A+ respectively, as was the rating for subordinated instruments (Tier 2), which was raised by six notches to A-. The short-term rating also improved and was upgraded by Fitch by one notch to the highest rating level F1+.
At the same time, the bank's so-called "Viability" rating was confirmed. Fitch had raised this standalone rating for NORD/LB in February of this year, citing NORD/LB's improved profitability and stabilised business model. The rating agency also emphasised the bank's good credit quality and solid capitalisation.
The press release of the rating agency Fitch can be found here.
Moody's had already raised NORD/LB's ratings by a total of up to four notches this spring.
An overview of all of NORD/LB's ratings can be found here.
About NORD/LB
NORD/LB Norddeutsche Landesbank is one of Germany's leading commercial banks. As an institute under public law, it is part of the S-Finance Group. Its core business segments include corporate customers, special financing in the energy and infrastructure sectors and for aircraft, financing commercial real estate via Deutsche Hypo, capital market business, association business with the savings banks and private and commercial customers including private banking. The bank is based in Hanover, Braunschweig and Magdeburg and has branches in Oldenburg, Hamburg, Schwerin, Düsseldorf and Munich. Outside Germany NORD/LB is represented by a Pfandbrief bank (NORD/LB Covered Bond Bank) in Luxembourg and by branches in London, New York and Singapore.
