FRANKFURT (Standard&Poor's) April 21, 2008—Standard&Poor's Ratings Services said today that it has assigned a 'AAA' credit rating to the covered bonds issued by Swedbank Mortgage AB (SWM), to be converted as of the date of this media release. The final rating assigned to the covered bonds reflects: — The credit quality of the underlying assets registered in the cover pool; — The probability of the repayment of the covered bonds, which Standard&Poor's stress-tested in its cash flow model, Covered Bond Monitor; — The issuer's ability and willingness to maintain the mortgage and public finance business and sufficient overcollateralization; and — The Swedish covered bond legislation that creates a basis to assign ratings predominately based
