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Fitch Ratings has affirmed the Long-term Issuer Default Rating (IDR) of Russia’s OJSC Nordea Bank at 'BBB+'/Stable.
Such IDR is the highest possible for Russian residents as the IDR level remains capped by the Russian Federation’s Country Ceiling which currently stands at BBB+. The Stable Outlooks on the ratings reflect that of the Russian Federation. Fitch notes that NB’s Long-term IDR could be upgraded in case of upward movement of Russia's Country Ceiling.
Fitch points out in its official release that ‘NB’s lending is based on high profile local names, predominantly from the natural resources sector. The bank’s sound asset quality metrics reflect the strong underwriting standards and focus on good quality borrowers.’
The rating actions are as follows: