Moody's Investors Service affirmed..........>

RATINGS: Moody's Investors Service affirmed "long-term issuer rating at Aaa and

the sr unsecured bond, program and shelf ratings of Nordic Investment Bk at Aaa,

(P)Aaa and (P)Aaa. The rating agency has concurrently affirmed the P-1

commercial paper rtg and (P)P-1 other short-term rating of NIB. The outlook

remains stable."

- It said key drivers are: "1) NIB's solid capital position and sound asset

quality as well as one of the highest average borrower ratings amongst

Multilateral Development Banks (MDBs) in Moody's rating universe."

- "2) NIB's strong liquidity position, with very good market access, including a

flexible investor base, well diversified by type and geography, and a high debt

service coverage by liquid assets."

- "3) NIB shareholders' very high ability and strong willingness to support the

institution in case needed." It adds "stable outlook on NIB's Aaa rating

reflects the prospect that its very strong levels of capital and liquidity, as

well as extraordinary shareholder support, will be maintained for the

foreseeable future."