Moody’s cuts Sweden and Norway banks

PARIS - Agence France-Presse

Moody’s ratings agency said it has downgraded the ratings on several Swedish and a Norwegian bank by up to two notches, citing concerns over their funding position and modest earnings.

Moody’s said in a statement late May 24 it was cutting the ratings on Sweden’s Nordea Bank and Svenska Handelsbanken by one notch to ‘Aa3’, with agricultural sector bank Landshypotek cut by two notches to ‘Baa2.’ Moody’s confirmed the debt and deposit ratings on Swedish groups SEB and Swedbank. Norway’s DNB Bank was lowered one notch to ‘A1.’ The rating outlook on all the groups was put at ‘stable.’ The agency said the rating actions followed a review of some 114 European financial institutions.