AAA ratings for Finnvera's loan programme
The credit rating agencies Moody’s and Standard & Poor’s have confirmed the best possible ratings for Finnvera's Medium Term Note programme.
The ratings correspond to the ratings assigned to the State of Finland for its long-term funding. The rating given by Moody’s to Finnvera is Aaa (stable outlook) and that given by Standard & Poor’s is AAA (negative outlook). Finnvera uses the MTN programme to acquire funds from the market for financing both SMEs and export credits.
The export credit scheme is intended for the arrangement of financing for customers who buy Finnish capital goods. The scheme helps to ensure the competitive standing of Finnish export companies because, in most cases, securing an export contract also requires the arrangement of long-term financing for the buyer. In line with the scheme, a Finnish or foreign bank arranges a long-term credit on the OECD terms for the buyer. This may be transferred to Finnish Export Credit Ltd, a subsidiary of Finnvera’s, for financing. The arrangement always includes Finnvera’s export credit guarantee.
Finnvera initiated the funding of export credits yesterday on 2 October 2012 by signing the Medium Term Note programme with five banks operating on the international market. It is estimated that the first notes under the MTN programme will be issued this autumn. The programme replaces a temporary scheme based on the State’s funding, which had been in use since 2009.
Pauli Heikkilä, Chief Executive Officer, tel. +358 29 460 2400
Topi Vesteri, Executive Vice President, tel. +358 29 460 2676
Ulla Hagman, Chief Financial Officer, Finance and IT, tel. +358 29 460 2458