The stable outlook reflects our view that, in the next 24 months, Nordic Investment Bank (NIB) will continue to fulfil its mandate through the credit cycle, and that its robust risk management policies will ensure high credit quality on its lending book. We also expect NIB to maintain extensive support from its shareholders endorsing its mandate and enabling strong internal capital generation. We could lower the rating if NIB's relevance diminished, if we observed weakening shareholder support, or if loosening governance substantially eroded the bank's capital base through higher dividend distributions. A material deterioration in asset quality or less robust liquidity policies could pressure NIB's financial standing and lead to a downward revision of its rating. In our view, NIB
