Morningstar DBRS Discontinues Novo Banco's Credit Ratings

DBRS Ratings GmbH (Morningstar DBRS) discontinued Novo Banco S.A. (novobanco or the Bank), NB Finance Ltd. and Novo Banco Luxembourg Branch's credit ratings, including the Bank's credit ratings on specific debt related instruments, at the request of the issuer. At the same time, Morningstar DBRS withdrew novobanco's Support Assessment of SA3 and NB Finance Ltd.'s Support Assessment of SA1. The last credit rating action on novobanco and related entities was taken on September 25, 2024, when Morningstar DBRS upgraded all credit ratings with Stable trends.

Notes:
The principal methodology is the Global Methodology for Rating Banks and Banking Organisations (04 June 2024) https://dbrs.morningstar.com/research/433881 In addition Morningstar DBRS uses the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (13 August 2024) https://dbrs.morningstar.com/research/437781 in its consideration of ESG factors and the Morningstar DBRS Global Corporate Criteria (3 February 2025) https://dbrs.morningstar.com/research/447186/morningstar-dbrs-global-corporate-criteria.

The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.

The sources of information used for these credit ratings include Morningstar Inc. and company documents. Morningstar DBRS considers the information available to it for the purposes of providing these credit ratings to be of satisfactory quality.

Morningstar DBRS does not audit the information it receives in connection with the credit rating process, and it does not and cannot independently verify that information in every instance.

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. Morningstar DBRS's trends and credit ratings are under regular surveillance.

For further information on Morningstar DBRS historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: https://registers.esma.europa.eu/cerep-publication. For further information on Morningstar DBRS historical default rates published by the Financial Conduct Authority (FCA) in a central repository, see https://data.fca.org.uk/#/ceres/craStats.

These credit ratings are endorsed by DBRS Ratings Limited for use in the United Kingdom.

Lead Analyst: Jason Graffam, Senior Vice President- Global Sovereign & Financial Institution Ratings
Rating Committee Chair: Maria Rivas, Senior Vice President, Sector Lead - European Financial Institution Ratings
Initial Rating Date: 5 August 2014
Last Rating Date: 25 September 2024

DBRS Ratings GmbH, Sucursal en España
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Tel. +34 (91) 903 6500

DBRS Ratings GmbH
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60311 Frankfurt am Main Deutschland
Tel. +49 (69) 8088 3500
Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259

For more information on this credit or on this industry, visit dbrs.morningstar.com.