This also improves the rating for subordinated bonds (Tier 2) by one notch from 'B+' to 'BB-'. The long-term rating ('A-'), linked to the rating of the Sparkassen-Finanzgruppe, was confirmed.
In its publication, Fitch attributes the adjustments to the following factors, among others:
Stabilising business profile
The stabilising business profile and the continuing execution against its strategic targets demonstrate NORD/LB's potential to generate sufficient profitable new business after years of deleveraging and to sustainably grow over time, while maintaining its risk appetite.
Improving performance
The upgrade of the standalone rating reflects NORD/LB's improving performance as a result of significant progress in its restructuring.
Please click here for the press release of the rating agency Fitch:
Fitch Ratings
In December, the rating agency DBRS Morningstar also raised the bank's standalone rating by one notch as a result of the positive 9-month results.
About NORD/LB
NORD/LB Norddeutsche Landesbank is one of the leading German commercial banks. The core business segments include business with corporate customers, private and commercial customers including private banking as well as special finance in the energy and infrastructure sector, aircraft finance and commercial real estate finance. The bank is headquartered in Hanover, Brunswick 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 branches in London, New York and Singapore.
