In May 2022 the international ratings agency Moody's Investors Service ("Moody's") assigned a first time Baa2 long‐term and Prime‐2 short‐term foreign and local currency bank deposit and issuer ratings to Kvika. The assigned long‐term deposit and issuer ratings carry a stable outlook. In June 2022 Moody's upgraded the Bank's long‐term deposit rate to Baa1 from Baa2 and affirmed Kvika's long‐term issuer ratings of Baa2, the Baa1 long‐term and P‐2 short‐term Counterparty Risk Ratings (CRRs) and Baa1(cr) long‐term and P‐2(cr) short‐term Counterparty Risk (CR) Assessment. The outlook on the deposit and issuer ratings remains stable.