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EUR VFN, due November 2041: upgraded to 'AA+sf' from 'AAsf'; Outlook Stable
The upgrade follows revised asset assumptions and resulting upgrade of the Finnish part of the facility, which due to the rating link (see below) had been constraining the achievable rating on the Norwegian VFN. It also incorporates the amendments to the transaction effective on the November 2018 interest payment date, including the extension of the revolving period for the EUR-denominated VFN (the Finnish VFN) by one year to November 2019.
Loans extended to Finnish obligors can be funded against by drawing on the Finnish VFN up to a maximum commitment of EUR135 million.
The minor default multiple reduction for the Norwegian VFN reflects additional data history only; based on a worse-than-expected performance of recent vintages Fitch decided against further lowering this stress despite the upcoming end to the revolving period.
The revolving period has been extended by one year to November 2019 for the Finnish VFN only.
As a default under the Finnish VFN leads to an event of default on the Norwegian VFN, and vice versa, the agency views the ratings of the notes as being linked.
Increase in default assumption (Norwegian VFN/Finnish VFN)
Increase in recovery assumption (Norwegian VFN/Finnish VFN)
Loans extended to Finnish obligors can be funded against by drawing on the euro-denominated VFN (the Finnish VFN) up to a maximum commitment of EUR120 million.
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