Posten Bring’s continued improvement in profitability, and stable market position in the Nordic region support the rating, despite its large ongoing capital investment programme and potential changes in government regulations.

Posten Bring’s improvement in financial risk profile due to moderation in leverage metrics supports the change in Outlook, notwithstanding continuing pressure due to large ongoing capital investment programme.

Posten Norge’s reduced financial flexibility and expected continuation of macroeconomic challenges in coming years drive the downgrade.

The affirmation refects the company's good 2021 performace and Scope's expectation of continued strong market positions. Scope notes also increased investments and dividends that could put some pressure on its recent conservative financial risk profile.

The issuer rating refects Scope's expectation of conservative leverage, Posten's dominance in Nordic postal services market and its full ownership by the Norwegian state.