Rating action

Scope Ratings GmbH (Scope) has assigned AAA/Stable ratings to the senior unsecured long-term local currency debt instruments and S-1+/Stable ratings to the short-term local currency debt instruments issued by Vegfinans Viken AS, which are all guaranteed by Akershus County Municipality¹ (long-term issuer rating: AAA/Stable; short-term issuer rating: S-1+/Stable).

Rating rationale

Vegfinans AS serves as the parent company within a group structure that includes three financing subsidiaries: Vegfinans Innlandet AS, Vegfinans Viken AS, and Vegfinans Vestfold og Telemark AS, along with multiple subsidiaries established to undertake specific toll road projects. The company benefits from debt guarantees provided by county governments for its financing subsidiaries' debt issuances. These guarantees enable financing on favourable terms to support extensive regional transportation projects. The primary factor in selecting a guarantor is the location of the transportation projects financed by each issuance.

The AAA/Stable rating for Vegfinans Viken AS’s long-term issuances and the S-1+/Stable rating for its short-term issuances, reflect the guarantee by Akershus County Municipality.

• The six outstanding AAA/Stable-rated debt issuances by Vegfinans Viken AS, guaranteed by Akershus County Municipality, have the following ISINs: NO0010894462, NO0010894454, NO0012496035, NO0012496720, NO0012916925, and NO0013388470.
   
• The three outstanding S-1+/Stable-rated short-term certificates issued by Vegfinans Viken AS, guaranteed by Akershus County Municipality, have the following ISINs: NO0013386722, NO0013455386, and NO0013411132.

Rating-change drivers

The Stable Outlook indicates Scope’s view that the risks to the ratings over the next 12 to 18 months are balanced.

The downside scenario for the long-term ratings and/or Outlooks is:

1. If the ratings or Outlook of Akershus County Municipality are downgraded.

Rating committee
The main points discussed by the rating committee were: i) the rating of and guarantee by Akershus County Municipality on the specific instruments.

Rating driver references
1. Scope has assigned a AAA rating with Stable Outlook to Akershus County Municipality

Methodology
The methodology used for these Credit Ratings and/or Outlooks, (Government Related Entities Rating Methodology, 10 December 2024), is available on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
Information on the meaning of each Credit Rating category, including definitions of default, recoveries, Outlooks and Under Review, can be viewed in ‘Rating Definitions – Credit Ratings, Ancillary and Other Services’, published on https://www.scoperatings.com/governance-and-policies/rating-governance/definitions-and-scales. Historical default rates of the entities rated by Scope Ratings can be viewed in the Credit Rating performance report at https://scoperatings.com/governance-and-policies/regulatory/eu-regulation. 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 Ratings’ definitions of default and Credit Rating notations can be found at https://www.scoperatings.com/governance-and-policies/rating-governance/definitions-and-scales. Guidance and information on how environmental, social or governance factors (ESG factors) are incorporated into the Credit Rating can be found in the respective sections of the methodologies or guidance documents provided on https://scoperatings.com/governance-and-policies/rating-governance/methodologies
The Outlook indicates the most likely direction of the Credit Ratings if the Credit Ratings were to change within the next 12 to 18 months.

Solicitation, key sources and quality of information
The Rated Entity and/or its Related Third Parties participated in the Credit Rating process.
The following substantially material sources of information were used to prepare the Credit Ratings: the Rated Entity and public domain.
Scope Ratings considers the quality of information available to Scope Ratings on the Rated Entity or instrument to be satisfactory. The information and data supporting these Credit Ratings originate from sources Scope Ratings considers to be reliable and accurate. Scope Ratings does not, however, independently verify the reliability and accuracy of the information and data.
Prior to the issuance of the Credit Rating action, the Rated Entity was given the opportunity to review the Credit Ratings and/or Outlooks and the principal grounds on which the Credit Ratings and/or Outlooks are based. Following that review, the Credit Ratings and/or Outlooks were not amended before being issued.

Regulatory disclosures
These Credit Ratings and/or Outlooks are issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0. The Credit Ratings and/or Outlooks are UK-endorsed.
Lead analyst: Jakob Suwalski, Senior Director
Person responsible for approval of the Credit Ratings: Alvise Lennkh-Yunus, Managing Director
The Credit Ratings assigned to these instruments were first released by Scope Ratings on 13 January 2025.

Potential conflicts
See www.scoperatings.com under Governance & Policies/Regulatory for a list of potential conflicts of interest disclosures related to the issuance of Credit Ratings, as well as a list of Ancillary Services and certain non-Credit Rating Agency services provided to Rated Entities and/or Related Third Parties.

Conditions of use / exclusion of liability
© 2025 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Ratings UK Limited, Scope Fund Analysis GmbH, Scope Innovation Lab GmbH and Scope ESG Analysis 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.