Tuesday, November 28, 2023 - 12:00pm Categories:
Industrial Commission
Press Release

S&P Affirms Bank of North Dakota Credit Rating

BISMARCK, N.D. – The Industrial Commission reports that Standard & Poor’s (S&P) affirmed Bank of 
North Dakota’s (BND) credit rating as A+/Stable in its annual review released Nov. 6.

The ratings are consistent with those given by S&P in November 2022. 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.

“The review confirms the success of BND’s financial management strategy in today’s challenging 
economic environment,” members of the Commission said in a joint statement. The Commission, 
consisting of Gov. Doug Burgum as chairman, Attorney General Drew Wrigley and Agriculture 
Commissioner Doug Goehring, oversees BND. “S&P specifically cited the strong risk-adjusted capital 
(RAC) ratio at BND as being a positive factor.”

In addition to the RAC ratio, other key strengths identified in the report include stable ownership 
by the state of North Dakota since 1919, strong credit quality and conservative management.
Similar to previous years, risks identified by S&P include the geographic concentration of loans in 
North Dakota, lending exposure to cyclical energy and agriculture sectors, and that the Bank is 
subject to annual capital transfers to the state.

“Although we are a state agency, BND operates like a local community bank, and the review confirms 
that practice,” said BND President/CEO Todd Steinwand. “This banking business model serves the 
state of North Dakota well, allowing it to return tax revenues to its residents through business, 
agriculture and student loans to grow the economy and educate our residents.”

The full S&P report may be viewed at bnd.nd.gov.

The Bank’s mission “to support agriculture, commerce and industry” has not changed since its 
earliest days in 1919. The Bank of North Dakota is the only state-owned bank in the nation.

For more information: Janel Schmitz BND Communications & Marketing Manager 328.5880

Also available at the following link: 

S&P Affirms Bank of North Dakota Credit Rating