Strong capitalisation, high liquidity buffers and excellent capital markets access, a very strong mandate and highly rated shareholders support the rating; relatively weak asset quality is the key challenge.

The ratings are supported by a wealthy and diversified economy, moderate public debt and a strong external position. High private sector indebtedness, exposure to global shocks and labour market duality are credit challenges.

High fiscal deficits, rising general government debt, and a modest growth outlook drive the outlook change. A wealthy and diversified economy, sound external position, stable banking sector, and strong debt affordability are credit strengths.

The periodic review has resulted in no rating action.

The ratings are supported by a wealthy, large, diversified economy, sound public finances and a strong external position. Global geopolitical and trade risks, transition risks related to carbon neutrality targets and an ageing population are challenges.

The rating on Compagnie de Financement Foncier’s French obligations foncières reflects the issuer's A+ rating enhanced by four notches from governance support. Five notches provide a buffer against an issuer downgrade.

The rating upgrade is based on the expectation of support from the new majority owner, Sparebanken Norge, after the successful merger between Sparebanken Vest and Sparebanken Sør.

A robust institutional set up, low indebtedness and sound medium-term growth prospects support the ratings. Exposure to external shocks and longer-run demographic pressures remain key challenges.

The periodic review has resulted in no rating action.

Solid medium-term growth prospects and sound fiscal fundamentals are key rating strengths. Exposure to external shocks and longer-run demographic pressures remain key challenges.