Financial Ratings

The leading international ratings agencies Moody's and Fitch Ratings have issued the following credit assessments of HSH Nordbank:

Moody‘s Fitch
Public Sector Covered Bonds Aa2 -
Mortgage Covered Bonds Aa3 -
Ship Covered Bonds Baa1 -
Long Term Deposits Baa3 BBB-
Senior-senior Unsecured bank debt1/
Derivative Counterparty Rating
Baa3 BBB-
Senior Unsecured, long term Baa3 BBB-
Unsecured liabilities, short-term P-3 F3
Subordinated capital B2 B-
Hybrid capital T1 Ca -
Financial Strength (BCA)/ Viability Rating
BCA: b3 VR: b

Senior Unsecured, long term - guaranteed Rating Aa1 AAA

1 Comprises so-called complex structured notes issued by German banks which benefit from a preferential treatment in a bail-in over non-structured notes under the new German insolvency law as of 2017 (German Banking Act (KWG) Section 46f paragraph 6 and 7)


negative outlook

under review for possible downgrade


under review for possible upgrade

Recent publications about HSH Nordbank

Moody's Fitch
Detailed rating reports Credit Opinion:
Full Rating Report:
Last press releases Issuer Comment:
Press Release:

Further publications

Sustainability Ratings

Uncovered Bonds neutral (CC)
Public Sector Covered Bonds very positive (A)
Mortgage Covered Bonds positive (B)
Ship Covered Bonds neutral (CC)

Rating City State of Hamburg and State of Schleswig-Holstein

City State of Hamburg AAA
State of Schleswig-Holstein AAA