New Den Norske Bank Credit Rating

Thomson Financial BankWatch assigned a Senior Debt Rating of A+ (single A plus) to Den Norske Bank’s senior debt outstanding. Den Norske Bank (DnB) is Norway’s largest banking group, having significantly enhanced its domestic franchise via the acquisition of Postbanken – a leading domestic regional bank – in 1999. DnB turned in a strong result for 1999, its ROA just under 1%, with its asset quality significantly improved following fairly significant problems experienced in the shipping sector in the previous year. Its capital levels also improved, its Tier 1 capital ratio at 7.8%. The bank has recently entered into the Nordpay alliance – along with BG Bank, Postgirot and Leonia – in order to strengthen its reach within the Nordic markets, given the on-going strength of consolidation still being experienced within these markets.