The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The sustained reduction in the public debt-to-GDP ratio along with improved resilience of the banking sector drive the upgrade. The small, open economy, large external imbalances and still elevated level of NPLs are key challenges.

The periodic review has resulted in no rating action.

The issuance ratings are supported by a guarantee from Østfold County Municipality and are therefore aligned with Østfold’s AA+/Stable ratings.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

Solid reserve buffers, conservative debt management and low exposure to contingent liabilities support the ratings. Challenges relate to sustained operating pressures, rising debt levels, limited budgetary flexibility and weakening demographic trends.

The periodic review has resulted in no rating action.