...- A weakening economic environment following the outbreak of COVID-19, as well as weaker business prospects, will make it more difficult for Nordea Bank's to improve its earnings, and targeted efficiency gains could materialize later than we previously assumed. - We believe the bank's impairment charges will increase in 2020 due to its exposure to some cyclical and vulnerable corporate sectors, which are under more stress due to the COVID-19 pandemic. - Although the bank has a strong balance sheet, we believe there is increased uncertainty surrounding its ability to restore profitability and meet financial targets. - We are therefore revising the outlook on Nordea Bank Abp to negative from stable, and affirming the '##-/A-1+' ratings on the bank. - The negative outlook on Nordea Bank reflects uncertainties in meeting strategic targets by 2022, in the context of a weakening external environment, which could lead us to lower the ratings....
