NORD/LB awarded "A" rating by DBRS
NORD/LB Norddeutsche Landesbank has been assigned a long-term "A" rating by rating agency DBRS. The "A" rating applies to both NORD/LB as an issuer and to its issued long-term unsecured bonds (senior debt). DBRS also assigned an “A” rating to NORD/LB’s deposits. In the rating scale used by DBRS, this score equates to "A2" from Moody‘s and "A" from Fitch. The short-term rating issued by DBRS was "R-1 (low)". All ratings have a positive outlook.
DBRS is a rating agency headquartered in Toronto which operates worldwide. It was established in 1976 as Dominion Bond Rating Service and is now the fourth-largest rating agency in the world.
In obtaining this new rating, NORD/LB follows the request of many investors providing credit ratings for its securities from a third rating agency. To date, NORD/LB has contracted ratings from the agencies Moody's (deposit rating: "Baa2") and Fitch Ratings ("A–"). NORD/LB has been working with DBRS for some time. DBRS awards a rating for NORD/LB's New York-based subsidiary Hannover Funding and has also assigned non-published ratings for NORD/LB Group in this context for many years.
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With total assets of € 160 billion, NORD/LB Norddeutsche Landesbank is one of Germany’s leading commercial banks. Its core business segments include structured finance in the energy and infrastructure sector, ship and aircraft finance, corporate client business, commercial real estate finance, capital market business and private and commercial client business including private banking. The Bank has its head office in Hanover, Braunschweig and Magdeburg. NORD/LB also has branches in Bremen, Oldenburg, Hamburg, Schwerin, Düsseldorf, Munich and Stuttgart. Outside Germany, NORD/LB is active in Luxembourg with a covered bond bank (NORD/LB Covered Bond Bank) and also has offices in London, New York, Singapore and Shanghai.
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