Robust support from several 'AAA' rated member governments. Sound financial and risk management. Solid risk-adjusted capital adequacy. Conservative liquidity risk management. Comparatively high regional concentration of loan portfolio. Highest leverage ratio among 'AAA' rated multilateral lending institutions. Relatively complex funding profile with episodically short-term refinancing needs. The ratings on Finland-based Nordic Investment Bank (NIB) are based on our view of the robust likelihood of extraordinary shareholder support from the bank's 'AAA' rated member countries and our assessment of its business and financial profiles as "very strong," as our criteria define the term. Its stand-alone credit profile (SACP) is 'aa+'. NIB was established as the Nordic countries' joint international financial institution in 1975, its founding members being Denmark, Sweden, Norway, Finland,
