LONDON (Standard&Poor's) Feb. 8, 2007--Standard&Poor's Rating Services said today that its ratings and outlook on Swedbank AB (A+/Stable/A-1) are unchanged following yesterday's announcement of an agreement to acquire Ukraine-based TAS-Kommerzbank (not rated). With the transaction expected to close in the second half of 2007, TAS will account for a relatively small part of Swedbank's earnings. Nevertheless, the purchase price of $735 million is the equivalent of about 9% of its capital, reflecting substantial goodwill. As Swedbank's first foray into Ukraine, TAS will represent its continuing diversification outside Scandinavia, and follows the purchase of the 40% minority in Baltic subsidiary, Hansabank, in 2005. Given also an existing presence in Russia, the acquisition will bring greater exposure to
