Nordic Credit Rating AS
Nordic Credit Rating AS is a privately held, ESMA-registered credit rating agency headquartered in Oslo that assigns issuer and instrument ratings to Nordic corporates, financial institutions, governments, and covered bond programs under an issuer-pays solicited model.
- Company typePrivate
- Founded2016
- HeadquartersOslo, Norway
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Nordic Credit Rating AS does
Nordic Credit Rating AS (NCR) is a privately held credit rating agency founded in 2016 in Oslo, Norway, and registered with the European Securities and Markets Authority (ESMA) to issue credit ratings across the EU and EFTA. The firm is the only credit rating agency headquartered in the Nordic region and assigns issuer-level and instrument-level ratings to corporates, financial institutions, covered bond programs, investment holding companies, local/regional governments, and sovereigns in Denmark, Finland, Iceland, Norway, and Sweden. NCR operates a solicited (issuer-pays) business model under which rated entities contract directly with the agency for rating production and ongoing monitoring, typically on annual billing cycles, with a standard process of approximately four weeks from contract signing to publication. Ratings can be distributed publicly on the NCR website, through a private closed platform, or kept confidential for issuer-internal use, and are also redistributed via Bloomberg, Refinitiv, and NCR's own SFTP data feeds.
NCR's product portfolio centers on credit ratings and extends into adjacent analytical services, including the Rating Evaluation Service (RES) for hypothetical scenario analysis, Private Credit Analysis (PCA) with detailed rationale reports, confidential Credit Assessments as point-in-time indicators, and Data Licensing for daily ratings redistribution. The firm's underlying technology stack comprises published credit rating methodologies covering corporates, financial institutions, covered bonds, municipalities, sovereigns, and holding companies, alongside Python-based rating calculation modules and forecast models for corporates and financial institutions published in December 2025. NCR operates analytical teams based in Norway and Sweden with local market knowledge, maintains offices in Oslo, Stockholm, and Helsinki, and is owned by approximately 30 Nordic banks and financial institutions under a 5% maximum-shareholding cap to preserve independence.
Nordic Credit Rating AS firmographics
Firmographics- Name
- Nordic Credit Rating AS
- Legal name
- Nordic Credit Rating AS
- Website
- https://nordiccreditrating.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Nordic Credit Rating AS is a privately held, ESMA-registered credit rating agency headquartered in Oslo that assigns issuer and instrument ratings to Nordic corporates, financial institutions, governments, and covered bond programs under an issuer-pays solicited model.
- Ownership category
- akta.pro rank
Nordic Credit Rating AS industry classification
Industry- Product category
- Credit Rating Services
- NAICS
- Credit Bureaus (561450), Activities Related to Credit Intermediation (5223)
- SIC
- Services-Consumer Credit Reporting, Collection Agencies (7320)
- akta.pro primary industry
- Credit Bureaus & Consumer Credit Reporting Agencies (FSAKAKAA)
Keywords
Where Nordic Credit Rating AS is headquartered
LocationHeadquarters
- HQ city
- Oslo
- HQ country
- Norway
- HQ region
- Europe
Offices3 records
Markets served
Nordic Credit Rating AS business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Credit Rating Services: NCR enters into a contract with the entity requesting a credit rating and charges that entity a fee for producing and monitoring the credit rating. The solicited model allows analysts to engage directly with the issuer's senior management to develop an in-depth understanding of the issuer's credit profile.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Rating products for entities seeking credit ratings |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels5 records
Nordic Credit Rating AS product offering
Product offeringCore offering
Nordic Credit Rating AS (NCR) is a European Securities Markets Authority (ESMA)-registered credit rating agency that assigns issuer-level and instrument-level credit ratings to corporates, financial institutions, local/regional governments, and other entities headquartered primarily in the Nordic region. Operating on a solicited (issuer-pays) model, NCR delivers public, private, or confidential ratings using proprietary fundamental credit analysis methodologies, alongside complementary services such as Rating Evaluation Service (RES), Private Credit Analysis (PCA), Credit Assessments, and Data Licensing.
Product overview
Nordic Credit Rating operates as a single-platform credit rating agency offering a portfolio of complementary analytical products. The core offering is Credit Ratings assigned at issuer and instrument level using fundamental credit analysis methodologies, available in public, private, or confidential formats. Supporting products include the Rating Evaluation Service (RES) for hypothetical scenario analysis, Private Credit Analysis (PCA) with detailed rationale reports, Credit Assessments as point-in-time credit quality indicators, and Data Licensing for daily ratings data distribution through Bloomberg, Refinitiv, and SFTP channels.
Differentiator
Problem solved
Functional benefit
Products and services
- Credit Ratings Core credit rating product assigned at issuer and instrument level using NCR's recognized rating scale and fundamental credit analysis methodologies. Available in public, private (closed-platform), or confidential (issuer internal use) distribution formats for Nordic corporates, financial institutions, governments, and other entities.
- Rating Evaluation Service (RES)
- Private Credit Analysis (PCA)
- Credit Assessments
- Data Licensing
Quantifiable outcome
- NCR-rated issuers benefit from stable fundamentals according to Q1 2026 Swedish real estate snapshot
- +1 more outcomes
Companies that use Nordic Credit Rating AS
Customer profileNamed customers18 records
Segments4 records
Ideal customer profiles4 records
Nordic Credit Rating AS technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature11 records
Nordic Credit Rating AS partnerships and signals
Strategic signalScale indicators4 records
Recent moves1 record
Expansion highlights6 records
Nordic Credit Rating AS competitors and assessment
Company assessmentBroad incumbents
- Moody's Ratings: Second of the Big Three global CRAs, providing credit ratings on Nordic corporates, banks, and sovereigns. Moody's deep international investor recognition and broad methodology coverage represent the benchmark that NCR must differentiate against to win Nordic issuer share.
- S&P Global Ratings: One of the 'Big Three' global credit rating agencies and the dominant incumbent that NCR most directly competes with for Nordic issuer mandates. S&P Global Ratings assigns ECAI-qualifying ratings across corporates, financial institutions, sovereigns, and structured finance globally, making it the primary alternative Nordic issuers consider.
- Fitch Ratings: Third of the Big Three global CRAs with active Nordic issuer coverage, particularly in the bank and structured finance space. Fitch represents the same global-incumbent competitive threat to NCR's ECAI-qualifying ratings, especially for cross-border Nordic bond programs.
Emerging players
- Egan-Jones Ratings: A US-based, NRSRO-registered CRA that has pursued ESMA registration to expand into European ratings. Egan-Jones is comparable to NCR as a smaller, challenger CRA seeking to win ECAI-qualifying mandates from issuers seeking alternatives to the Big Three.
- KBRA (Kroll Bond Rating Agency): A US-originated CRA that has expanded into European ratings as a non-Big-Three alternative, registered in the EU. KBRA competes for the same mid-cap and ECAI-qualifying rating mandates that NCR targets, with an analogous 'challenger' positioning to incumbents.
- Scope Ratings: A European-headquartered, ESMA-registered CRA focused on European corporates, financial institutions, and sovereigns. Scope Ratings is an emerging challenger in the same ECAI-qualifying rating space as NCR, competing for European bank and corporate mandates with a regional specialisation play.
- ARC Ratings: A European-originated, ESMA-registered CRA focused on European SMEs, corporates, and financial institutions. ARC Ratings is comparable to NCR as another smaller, locally-anchored European CRA pursuing the same ECAI-qualifying rating opportunity in regional markets.
Others
- Bloomberg: A data distribution partner (Bloomberg redistributes NCR's ratings via data feed) and broader financial data infrastructure provider. While not a direct competitor, Bloomberg is an ecosystem participant that affects NCR's reach into investor workflows and is structurally adjacent to the ratings data value chain.
Regional players
- CERVED Rating Agency: An Italian-headquartered, ESMA-registered CRA that provides ECAI-qualifying credit ratings primarily to Italian corporates and financial institutions. CERVED is comparable to NCR as a regionally-anchored European CRA, although it does not directly compete in the Nordic geography.
Direct peers
- DBRS Morningstar: A smaller but ESMA-registered CRA competing in the same ECAI-qualifying credit rating space, often positioned as a credible alternative to the Big Three. DBRS Morningstar is the most directly comparable franchise model to NCR — a recognised, multi-jurisdiction CRA targeting non-Big-Three issuer mandates.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Nordic Credit Rating AS social profiles
Digital presenceNordic Credit Rating AS financial estimates
Financial estimateRevenue estimate
Valuation estimate
Nordic Credit Rating AS leadership team
Management profileNumber of profiles
Profiles10 records
Nordic Credit Rating AS funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Nordic Credit Rating AS M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Nordic Credit Rating AS
What does Nordic Credit Rating AS do?
Nordic Credit Rating AS (NCR) is a European Securities Markets Authority (ESMA)-registered credit rating agency that assigns issuer-level and instrument-level credit ratings to corporates, financial institutions, local/regional governments, and other entities headquartered primarily in the Nordic region. Operating on a solicited (issuer-pays) model, NCR delivers public, private, or confidential ratings using proprietary fundamental credit analysis methodologies, alongside complementary services such as Rating Evaluation Service (RES), Private Credit Analysis (PCA), Credit Assessments, and Data Licensing.
Is Nordic Credit Rating AS a public or private company?
Nordic Credit Rating AS is a private company. It is classified as corporate owned and is currently operating.
When was Nordic Credit Rating AS founded?
Nordic Credit Rating AS was founded in 2016. It employs 11 to 50 people.
Where is Nordic Credit Rating AS based?
Nordic Credit Rating AS is headquartered in Oslo, Norway, in the Europe region.
How does Nordic Credit Rating AS make money?
One revenue line is on record: credit Rating Services.
Who are Nordic Credit Rating AS's main competitors?
Broad incumbents on record are Moody's Ratings, S&P Global Ratings and Fitch Ratings. Emerging players are Egan-Jones Ratings, KBRA (Kroll Bond Rating Agency), Scope Ratings and ARC Ratings. Bloomberg is listed as an others. CERVED Rating Agency is listed as a regional player. DBRS Morningstar is listed as a direct peer.
Does Nordic Credit Rating AS have an API?
No public API is recorded for Nordic Credit Rating AS.
What industry is Nordic Credit Rating AS in?
Nordic Credit Rating AS's product category is Credit Rating Services. Its primary akta.pro industry code is FSAKAKAA, Credit Bureaus & Consumer Credit Reporting Agencies. Its NAICS code is 561450 and its SIC code is 7320.