Following a review of Nordic Investment Bank (NIB) under our revised criteria for multilateral lending institutions (MLIs), we have affirmed our long- and short-term issuer credit ratings on NIB at 'AAA/A-1+'. The stand-alone credit profile for NIB is 'aa+', reflecting our assessment of its "very strong" business profile and "very strong" financial profile, as our criteria define these terms. NIB benefits from €5.4 billion (2.2x of adjusted common equity) callable capital from 'AAA' rated shareholders, which results in a ratings uplift of the issuer credit profile to 'AAA'. The stable outlook reflects our expectation that the bank's public policy role as a MLI will continue, based on the extensive support provided by its owners. On Dec. 19, 2012, Standard&
