OREANDA-NEWS. Fitch Ratings has affirmed the Long-term Issuer Default Rating (IDR) of JSC Nordea Bank at 'BBB-'.

This is the highest possible rating assigned to issuers operating in Russia, because IDR is capped by Russia's Country Ceiling which remains at 'BBB-'. The Negative Outlook on the Bank's IDR reflects that on the sovereign. However, the rating agency notes that the Bank's long-term IDR may be upgraded in case of a positive trend in Russia's Country Ceiling.

The affirmation of the Bank's National Rating at 'AAA'(rus) reflects Fitch's view that the Bank will remain among the strongest credits in Russia.  The Stable Outlook means that the creditworthiness of the Bank would unlikely change significantly in case of a sovereign downgrade.
The affirmation of the Bank's ratings also reflects Fitch's view that its financially strong parent will likely have a high propensity to support the subsidiary in case of need.

The rating actions are as follows:
Long-term foreign currency IDR: affirmed at 'BBB-', Outlook Negative;
Short-term foreign currency IDR: affirmed at 'F3';
National Long-term rating: affirmed at 'AAA'(rus); Outlook Stable;
Support Rating: affirmed at '2'.