Brage Finans rating upgraded to A+ by Scope after SBN merger

Scope Ratings has upgraded Brage Finans AS's issuer rating and preferred senior unsecured debt rating to A+ from A-, both with a stable outlook. This resolves its "Under Review" status for a possible upgrade following the successful merger of Sparebanken Vest and Sparebanken Sør, which formed the new majority owner, Sparebanken Norge (SBN). The upgrade reflects the expectation of strong support from SBN.

The upgrade is driven by Scope's view of Brage Finans' strategic importance and its integration into SBN's product offerings, particularly in leasing services for retail and corporate customers. Scope believes there is a high likelihood of parental support if needed, establishing a top-down rating approach. However, Brage’s issuer rating is not fully aligned with its parent, acknowledging the subsidiary's continued relative independence.

Sparebanken Norge, the anchor for Brage's ratings, is a leading national savings bank with total assets of NOK 560bn, boasting strong digital capabilities, a robust risk profile, and solid capital buffers. Brage Finans' chief financial officer, Bodil Huus Bolstad, is available for further inquiries.