External ratings show how the economic situation and creditworthiness of companies, institutions or states are assessed. Ratings are carried out on the basis of quantitative and qualitative factors. The result of a rating is the allocation to a credit rating level or rating class. The designations of the levels vary from one rating agency to the next.

NORD/LB is currently rated by three rating agencies. You can find the main ratings and the current reports below.
You can also find the sustainability ratings on this page.

Moody's Investors Service

Public-Sector Covered Bonds (Öffentliche Pfandbriefe) Aa1
Mortgage Covered Bonds (Hypothekenpfandbriefe) Aa1
Senior unsecured preferred debt, Issuer Rating A3
Senior unsecured non-preferred debt Baa2
Subordinate-/Tier-2-Bonds Ba2
Instrinsic financial strength (Adjusted Baseline Credit Assessment) ba1
Short Term Rating P-2

Fitch Ratings

Senior unsecured preferred debt A
Senior unsecured non-preferred debt, Issuer Rating A-
Subordinate-/Tier-2-Bonds BB-
Intrinsic financial strength (Viability Rating) bb+
Short Term Rating F1

DBRS Morningstar

Senior unsecured preferred debt, Issuer Rating A (high)
Senior unsecured non-preferred debt A
Subordinate-/Tier-2-Bonds A (low)
Intrinsic financial strength (Intrinsic Assessment) BBB

The rating information published here is publicly available. The presentation on our homepage is a service for our stakeholders and investors and does not mean that NORD/LB supports or agrees with the information, conclusions or recommendations given there. NORD/LB therefore assumes no liability for the accuracy, currency and correctness of these statements. They also do not constitute a recommendation for buying bonds.


Sustainability ratings

MSCI*                                                           BBB**
Sustainalytics 19.4 (low-risk)***
ISS ESG C (Prime)****

*The use by NORD/LB of any MSCI ESG Research LLC or its affiliates ("MSCI") date, and the use of MSCI logos, trademarks, service marks or index names herein do not constitute a sponsorship, endorsement, recommendation, or promotion of NORD/LB by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided "as is" and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
** August 2023
*** December 2023
**** March 2023, Decile Rank 1

You can find more information on the topic of sustainability here.


Links to ratings of our subsidiaries