BND’s S&P credit ratings remain consistent
Standard & Poor’s (S&P) affirmed Bank of North Dakota’s credit rating as “AA-” and “A-1+” for long-term and short-term credit respectively in its annual review released September 22, 2015. This is consistent with the ratings the Bank received for the previous three years.
The ratings have remained stable since being increased by S&P in 2011. S&P is a U.S.-based financial services company that publishes financial research. Financial institutions are typically reviewed annually, but S&P will review more frequently if a modification of the rating is needed.
S&P’s primary reason for affirming the long- and short-term create ratings is the “extraordinary” support the Bank receives from the state of North Dakota. The report also notes that BND’s capital and earnings are “very strong.” BND is on track for a 12th consecutive year of record earnings. Last year, the Bank recorded $111 million in profits.
“I fully expect to meet and exceed the budgeted revenue target of $115 million in 2015,” said Eric Hardmeyer, BND President and CEO. “BND is on course to meet its earning objectives while fulfilling its role in the economic development efforts of the state.”