SBB Norden - comment

The Fitch Upgrade reflects a change in rating methodology rather than a fundamental shift in risk. We are still sceptical that the value of the equity participations at the HoldCo covers all the debt at SBB Norden. Fitch expects Nordiqus and PPI dividends to provide SEK1bn of dividends annually (this also includes interest on the SEK4bn vendor loan to Nordiqus).