Prudent financial management, robust liquidity, strong economy and a well-integrated institutional framework support the rating. Elevated operating spending pressures and increasing debt burden are challenges.

Modest debt levels, a strong liquidity position and robust reserves support the rating. Budgetary pressures coupled with limited revenue flexibility are challenges.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The affirmation reflects the strong position in Italian PDL market, growing diversification, supportive earnings capacity and risk exposures, and adequate funding and solvency profile.

The securitised portfolio consists of payroll-deductive loans of borrowers in Italy.

The rating affirmation reflects the bank’s progress in its transformation strategy which puts pressures on its financial viability, but which remains adequately buffered.

The affirmation is based on the waiver and covenant reset recently agreed among the involved banks as well as the company’s largely unchanged business and financial risk profiles.

The EUR [1,012.8]m underlying portfolio of auto loan receivables was originated to private individual borrowers by Banco Cetelem, S.A.U.

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.