In our view, Finland-based Nordic Investment Bank (NIB) enjoys the strong support of its eight member countries, and has high asset quality that has led to historically stable and predictable profitability. Offsetting these strengths are the bank's regionally concentrated loan portfolio and high leverage ratios. We are affirming our 'AAA' long-term and 'A-1+' short-term issuer credit ratings on NIB. The outlook is stable, reflecting our expectation that the bank's role as a multilateral credit institution will continue based on the extensive support provided by its owners and its status as a preferred creditor. On Aug. 15, 2012, Standard&Poor's Ratings Services affirmed its 'AAA' long-term and 'A-1+' short-term issuer credit ratings on Finland-based Nordic Investment Bank (NIB). The outlook
