The rating upgrade is based on the expectation of support from the new majority owner, Sparebanken Norge, after the successful merger between Sparebanken Vest and Sparebanken Sør.

The rating action follows the completion of the merger between Sparebanken Vest and Sparebanken Sør to become Sparebanken Norge. Scope will re-assess the potential positive impact for Brage as a majority owned subsidiary of Sparebanken Norge.

The change in Outlook reflects the expectation of stronger owner support when the company becomes a strategic subsidiary of one of the largest savings banks in Norway.