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TEXT-Fitch affirms Norwegian Sparebanken
(The following statement was released by the rating agency)
Feb 23 - Fitch Ratings has affirmed SpareBank 1 SMN's (SMN), SpareBank
1 SR-Bank's (SR), SpareBank 1 Boligkreditt's (S1B), Sparebanken Vest's (SV) and
Sparebanken Vest Boligkreditt's(SVB) Long-term Issuer Default Ratings (IDR) at
'A-' with Stable Outlooks and Short-term IDRs at 'F2'. The agency has also
affirmed SpareBank 1 Nord-Norge's (SNN) Long-term IDR at 'A', with a Stable
Outlook and Short-term IDR at 'F1'. A full list ofratings actions is at the end
of this release.
SNN, SMN, SR and SV's ratings (collectively Sparebanken) benefit from Fitch's
expectation that Norway's economic outlook will stay benign and asset quality
remain sound. Fitch forecasts Norway's GDPto expand by 2.2% in 2012 and 2.5% in
2013. The ratings are sensitive to any change in these assumptions as well as
any changes to Fitch's assumption that wholesale investors will continue to
perceive Norway as a safe haven.
Deposits account for a significant proportion of the Sparebanken's non-equity
funding, but the banks also rely on wholesale markets for part of their
structural funding. A substantial part of wholesale funding is raised through
the issuance of covered bonds. Norway'sdomestic covered bond investment market
is relatively new and small, when compared with issuance volumes, and banks
consequently rely on an international investor base. Access to international
wholesale funding has remained robust in 2011, driven byhealthy investor
appetite from a geographically broad range of investors of which a substantial
part is from Germany. Fitch notes that while international issuance has
diversified the Sparebanken's investor base, this also exposes them to
international funding market sentiment. While wholesale funding markets have
remained largely open for Norwegian banks, the cost of funding has increased.
However, spreads and market access benefit from investors' perception of Norway
as a safe haven.
Fitch considers a property price correction as a downside risk for Norwegian
banks. Residential real estate prices have increased strongly throughout Norway,
with the country's western regions having experienced the fastest price
appreciation. Ifprices are deflated by income growth, the increase is less
dramatic but still material. While Fitch acknowledges that fundamental factors
appear to be the key drivers behind the price growth, such as low supply of new
housing, high home ownership,population growth and low interest rates, the
agency expects that growth will level off and a moderate fall cannot be ruled
out. In its base case, the agency does not expect this to lead to significantly
higher loan impairment charges in theSparebanken's residential mortgage
portfolios but believes falling consumer confidence or increasing savings rates
to be a more likely scenario. This in turn may affect corporates' profitability
and may lead to deteriorating asset quality in thecorporate book.
The Sparebanken's creditworthiness continues to benefit from their well
entrenched regional franchises and their good core operating profitability,
although the latter benefits substantially from low loan impairment charges. The
high competition in Norway's banking sector and rising wholesale funding costs
have put pressure on the Sparebankens' margins, and Fitch expects margins to
remain relatively flat in 2012. Cost/income ratios across the Sparebanken are
relatively highwhen compared with international peers. This is largely driven
by a lack of significant economies of scale and high cost bases.
SR
The affirmation of SR's ratings in particular reflects its strong position in
the growing Western Norwegianeconomy, the agency's expectation that asset
quality will remain sound and the bank's announced plans to increase
capitalisation. However, property prices in SR's region have increased much more
strongly than the national average, making the bank'sasset quality sensitive to
a potential price correction. SR also relies more heavily on wholesale funding
than other rated Alliance members, which makes the bank more sensitive to a
prolonged dislocation of international wholesale funding markets or achange in
sentiment to Norwegian issuers.
SMN
SMN's ratings are driven by Fitch's expectation that the bank's asset quality
will remain sound, backed by the diversified economy in mid Norway. Similar to
SR, SMN has announced a fully underwritten rights issue to improve its
capitalisation. Single name concentration remains a moderate risk.
SNN
The affirmation of SNN's ratings in particular reflects its lower dependency on
market funding, property prices that have risen largely in linewith the
national average and somewhat wider lending margins due to lower competition.
Fitch regards the combination of these factors to make the bank a more resilient
credit than the other rated Alliance banks. SNN's asset quality also benefits
fromits majority retail lending, while single name concentration remains a
moderate risk. Fitch considers SNN to be well capitalised and its earnings
generation to be solid.
S1B
The ratings of S1B are aligned with its largest shareholders, reflecting its
role as a strategically important covered bond funding vehicle. Given S1B's
close integration in the Alliance, it has not been assigned a Viability Rating.
SV
The affirmation of SV's ratings reflects its sound risk profile and good
capitalisation. Around three-quarters of SV's lending related to retail and
mainly mortgage lending at end-2011 and Fitch expects asset quality to remain
robust. Wholesale funding dependence is significant although SVB, its
wholly-owned covered bondvehicle, has diversified the funding base and provides
SV with access to competitive funding rates. SVB's ratings are aligned with
SV's, reflecting its close integration in the group and strategic importance.
Given its close integration, it has notbeen assigned a Viability Rating.
The downgrades of the Tier 1 instruments reflect the implementation of Fitch's
new criteria for 'Rating Bank Regulatory Capital and Similar Securities'
(available on
Fitch Ratings - Dedicated to providing value beyond the rating). The Tier 1 instrumentsthat were placed on
Rating Watch Negative (RWN) in December have been downgraded to 'BB+' from
'BBB', and removed from RWN. The Sparbanken's Tier 1 instruments are now rated
four notches below each issuer's Viability Ratings to reflect loss given the
instruments' relative seniority (two notches for Tier 1 instruments) and the
incremental non-performance risk relative to the point at which a bank becomes
non-viable (two notches).
These rating actions have no impact on the ratings of the coveredbonds issued
by S1B and SVB.
The rating actions are as follows:
SMN:
Long-term IDR affirmed at 'A-'; Outlook Stable
Short-term IDR affirmed at 'F2'
Viability Rating affirmed at 'a-'
Support Rating affirmed at '3'
Support Rating Flooraffirmed at 'BB+'
Senior unsecured debt affirmed at 'A-'
Subordinated debt affirmed at 'BBB+'
Hybrid capital instruments downgraded to 'BB+' from 'BBB'; removed from RWN
SR:
Long-term IDR affirmed at 'A-'; Outlook Stable
Short-term IDRaffirmed at 'F2'
Viability Rating affirmed at 'a-'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Senior unsecured debt affirmed at 'A-'
Hybrid capital instruments downgraded to 'BB+' from 'BBB'; removed from RWN
SNN:
Long-term IDR affirmed at 'A'; Outlook Stable
Short-term IDR affirmed at 'F1'
Viability Rating affirmed at 'a'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Senior unsecured debt affirmed at 'A'
Subordinated debtaffirmed at 'A-'
S1B:
Long-term IDR affirmed at 'A-'; Outlook Stable
Short-term IDR affirmed at 'F2'
Support Rating affirmed at '1'
SV:
Long-term IDR affirmed at 'A-'; Outlook Stable
Short-term IDR affirmed at 'F2'
Viability Ratingaffirmed at 'a-'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Senior unsecured debtaffirmed at 'A-'
Subordinated debt affirmed at 'BBB+'
Hybrid capital instruments downgraded to 'BB+' from 'BBB'; removed from RWN
SVB:
Long-term IDR affirmed at 'A-', Outlook Stable
Short-term IDR affirmed at 'F2'
Support Rating affirmed at '1'
Additional information is available on
Fitch Ratings - Dedicated to providing value beyond the rating. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.
Applicable criteria, 'GlobalFinancial Institutions Rating Criteria', dated 16
August 2011; are available at
Fitch Ratings - Dedicated to providing value beyond the rating.
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
(New York Ratings Team)
((e-mail
am.niimi@reuters.com; Reuters Messaging:
pam.niimi.reuters.com@reuters.net; Tel:1-646-223-6330
)
20:12-23/02
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