Scope Ratings has withdrawn all ratings on Nordea Bank AB, domiciled in Sweden. These include the AA- Issuer Rating, the A+ senior unsecured debt rating, and the short-term rating of S-1+, all with a Stable Outlook. Simultaneously, Scope assigns identical ratings to Nordea Bank Abp, domiciled in Finland, also with Stable Outlooks.

These rating actions follow the Group’s decision to redomicile from Sweden to Finland. This has now been executed via a cross-border merger, which means Nordea Bank AB was absorbed into Nordea Bank Abp. Nordea Bank Abp will be the Nordea Group’s new lead bank going forward. In effect, it has acquired all the assets and liabilities of the former Nordea Bank AB. The Swedish operations will be conducted through a branch structure going forward, and existing branches in Denmark, Finland and elsewhere have become branches of the new bank.

Scope expects the day-to-day operations of Nordea to be largely unaffected, with no major credit implications affecting the agency’s view of the Group. Although the new regulator, the ECB, is expected to have an impact on the way Nordea’s capital requirements are calculated, Nordea has stated its intention to continue its current capital and dividend policies, seeking to maintain credit ratings in the AA range.

The following ratings of Nordea Bank AB, all with Stable Outlooks, are withdrawn:
Issuer rating AA-
Senior unsecured debt rating A+
Short-term rating S-1+

The following ratings of Nordea Bank Abp, all with Stable Outlooks, are assigned:
Issuer rating AA-
Senior unsecured debt rating A+
Short-term rating S-1+

Stress testing & cash flow analysis
No stress testing was performed. No cash flow analysis was performed.

Methodology
The methodology used for this rating(s) and/or rating outlook(s) Bank rating methodology, 2018 is available on www.scoperatings.com.
Historical default rates of Scope Ratings can be viewed in the rating performance report on https://www.scoperatings.com/#governance-and-policies/regulatory-ESMA Please also refer to the central platform (CEREP) of the European Securities and Markets Authority (ESMA): http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml. A comprehensive clarification of Scope’s definition of default as well as definitions of rating notations can be found in Scope’s public credit rating methodologies on www.scoperatings.com.
The rating outlook indicates the most likely direction of the rating if the rating were to change within the next 12 to 18 months.

Solicitation, key sources and quality of information 
The rating was not requested by the rated entity or its agents. The rated entity and/or its agents did not participate in the rating process. Scope had no access to accounts, management and/or other relevant internal documents for the rated entity or related third party.
The following substantially material sources of information were used to prepare the credit rating: public domain, the rated entity and third parties.
Scope considers the quality of information available to Scope on the rated entity or instrument to be satisfactory.The information and data supporting Scope’s ratings originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data.
Prior to the issuance of the rating or outlook action, the rated entity was given the opportunity to review the rating and/or outlook and the principal grounds on which the credit rating and/or outlook is based. Following that review, the rating was not amended before being issued.

Regulatory Disclosures
This credit rating and/or rating outlook is issued by Scope Ratings GmbH.
Lead analyst Jennifer Ray, Executive Director
Person responsible for approval of the rating: Samuel Theodore, Group Managing Director 
Nordea Bank AB's issuer rating/outlook was first released by Scope on 19.11.2014. The rating/outlook was last updated on 02.02.2017.
Nordea Bank AB's short-term rating/outlook was first released by Scope on 19.11.2014. The ratings/outlooks was last updated on 26.10.2017.
Nordea Bank AB's senior unsecured debt rating/outlook was first released by Scope on 19.11.2014.
Nordea Bank Abp's ratings/outlooks were first released by Scope on 01.10.2018.

Potential conflicts
Please see www.scoperatings.com for a list of potential conflicts of interest related to the issuance of credit ratings.

Conditions of use / exclusion of liability
© 2018 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Analysis GmbH, Scope Investor Services GmbH and Scope Risk Solutions GmbH (collectively, Scope). All rights reserved. The information and data supporting Scope’s ratings, rating reports, rating opinions and related research and credit opinions originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data. Scope’s ratings, rating reports, rating opinions, or related research and credit opinions are provided ‘as is’ without any representation or warranty of any kind. In no circumstance shall Scope or its directors, officers, employees and other representatives be liable to any party for any direct, indirect, incidental or other damages, expenses of any kind, or losses arising from any use of Scope’s ratings, rating reports, rating opinions, related research or credit opinions. Ratings and other related credit opinions issued by Scope are, and have to be viewed by any party as, opinions on relative credit risk and not a statement of fact or recommendation to purchase, hold or sell securities. Past performance does not necessarily predict future results. Any report issued by Scope is not a prospectus or similar document related to a debt security or issuing entity. Scope issues credit ratings and related research and opinions with the understanding and expectation that parties using them will assess independently the suitability of each security for investment or transaction purposes. Scope’s credit ratings address relative credit risk, they do not address other risks such as market, liquidity, legal, or volatility. The information and data included herein is protected by copyright and other laws. To reproduce, transmit, transfer, disseminate, translate, resell, or store for subsequent use for any such purpose the information and data contained herein, contact Scope Ratings GmbH at Lennéstrasse 5 D-10785 Berlin.

Scope Ratings GmbH, Lennéstrasse 5, 10785 Berlin, District Court for Berlin (Charlottenburg) HRB 192993 B, Managing Director: Torsten Hinrichs.