Scope publishes detailed rating report on Brage Finans AS (Issuer Rating of A-, Stable)

The rating reflects Brage Finans’ focused leasing and car finance business, solid credit fundamentals and strategic relationship with its owner banks.

Brage Finans AS (Brage) is a Norwegian finance company offering primarily equipment leasing for business clients and car loans for individuals. Brage serves as the finance company for its owners, 12 solid savings banks located along the coast of Norway, from Sparebanken Sor in Agder / Telemark to Helgeland Sparebank in Nordland.

Since its founding in 2010, Brage has demonstrated robust growth while maintaining strong asset quality. The nature of the business entails greater asset risk than traditional banking focused on mortgage lending, but also higher margins. Brage is supervised by the Norwegian FSA and maintains reassuring prudential metrics in line with relatively stringent requirements.

This is not a rating action; the following ratings were assigned on 28 January 2020: