Fitch Upgraded NLB's Credit Rating

23 November 2018

Today on 23th November, 2018 rating agency Fitch upgraded NLB's Long-term IDR to "BB+" from "BB" and removed it from Rating Watch Evolving (RWE). The Outlook is stable.

According to the agency, the upgrade reflects a significant improvement of NLB’s financial profile in 2017-1H18 due to an extended track record of legacy impaired loan recoveries, stronger performance and solid capital and liquidity buffers. In Fitch’s view, NLB’s credit profile remained largely stable over the past six months and commensurate with a BB+ rating, while any potential risks that NLB would incur financial costs or operational restrictions related to initial privatization commitments have materially reduced.

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