As part of Nordea Kredit Realkreditaktieselskab (“Nordea Kredit”) and the
Nordea
Group’s continuous high focus on obtaining relevant ratings for
funding
programmes and issuances, a review has been performed of all rating
agreements
in the Nordea Group. In order to be cost-efficient Nordea Kredit has
decided to
only solicit one rating of its programme for mortgage bonds (ROs)
and covered
mortgage bonds (SDROs) (the “Programme”), which currently has
ratings from both
Moody’s Investors Service Ltd. (“Moody’s”) and Standard &
Poor’s Credit Market
Services Europe Ltd (“S&P”).

With effect from 1 April
2020 Nordea Kredit will solicit ratings of the
Programme and bonds issued under
it from S&P only.

Nordea Kredit will discontinue to solicit ratings from
Moody’s of the Programme
and bonds issued under it.

Bonds and covered mortgage
bonds issued under the Programme and rated by S&P are
currently assigned a
rating of AAA.

To reflect this change, Nordea Kredit hereby publishes
supplement no. 1 to
Nordea Kredit’s base prospectus dated 24 February 2020 as
well as updated final
terms showing the S&P rating only.

Nordea Bank Abp will
continue to be rated by Fitch (AA-), Moody’s (Aa3) and S&P
(AA-).

Any
questions can be directed to Kamilla Hammerich Skytte, phone (+45) 55 47 04
85
or Andreas Larsson (+46) 709 707555 or Maria Caneman (+46) 768 249218.


Kind
regards

Nordea Kredit Realkreditaktieselskab