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RNS - Moody’s assigns the highest possible Sustainability Quality Score (SQS) to Sparebanken Vest’s updated Green Bond Framework

Company: Sparebanken Vest Date: 2023-06-30 Language: English Register to download

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 Moody’s assigns the highest possible Sustainability Quality Score (SQS) to Sparebanken Vest’s updated Green Bond Framework

# Moody’s assigns the highest possible Sustainability Quality Score (SQS) to Sparebanken Vest’s updated Green Bond Framework

Moody’s Investors Service has on 29 June 2023 issued a Second Party Opinion (SPO) on Sparebanken Vest's updated Green Bond Framework. Moody’s have assigned a score of “SQS1 (excellent)” to the framework, which is the highest possible SQS. According to Moody’s, the framework demonstrates a high contribution to sustainability and the assessment indicates strong alignment with the EU Taxonomy.  

  

Sparebanken Vest has established its framework to finance projects across two eligible green categories — green buildings (Residential and Commercial) and renewable energy (hydropower projects).  

  

By having a Green Bond Framework and being able to issue Green Bonds in both senior unsecured and covered bonds, Sparebanken Vest intends to contribute to the development of the green bond market while highlighting and accelerating the bank’s sustainability strategy. In addition, Green Bonds will help to diversify Sparebanken Vest’s investor base and to broaden the dialogue with existing investors.  

  

Sparebanken Vest aim to be a driving force for a greener and stronger western region in Norway. Sustainability represents one of the bank’s top business risks and opportunities. Net zero emissions by 2040 is the bank’s long-term overarching target for the business as a whole. The transition plans are to be aligned with the Science-Based Targets initiative (SBTi), and the bank has set industry specific targets for the lending portfolio.  

  

In addition to Moody’s conducting an SPO, Sparebanken Vest has worked with ING as Sole Green Structuring Advisor to update its Green Bond Framework. Multiconsult will produce a technical report showing that the Green Assets to be financed are of a quality that meets international standards for what is considered Green.  

  

More information on the framework: https://www.spv.no/om-oss/investor-relations/gronne-obligasjoner  

  

Bergen, 30 June 2023  

  

For further information, please contact:  

Frank Johannesen, EVP CFO, tel.: (+47) 952 65 971  

Brede Borgen Kristiansen, Director Finance and Investor Relations, tel.: (+47) 479 06 402  

John Hopp, Head of Treasury and CEO Sparebanken Vest Boligkreditt, tel.: (+47) 450 81 776  

Karoline Strand, COO Sparebanken Vest Boligkreditt, tel.: (+47) 481 82 463  

Linn Kristine Gjesdal, Head of Sustainability, tel.: (+47) 952 60 705