LONDON (Standard&Poor's CreditWire) June 22, 1999--Standard&Poor's has affirmed its ratings on Skandinaviska Enskilda Banken (SEB) and Skandinaviska Enskilda Banken Funding Inc. (guaranteed by SEB). The outlook on SEB is negative. (See list below.) The ratings are affirmed following yesterday's announcement by SEB of the sale of Trygg-Hansa Non-Life to Codan Forsikrings A/S (rated single-'A'-pi), Denmark's second-largest insurance company, for Swedish krona (SKr) 4.3 billion ($510 million). At the same time, SEB and Codan agreed to form a strategic alliance with regard to distribution of the respective groups' products. Under the deal, SEB acquires 100% of Codan Bank for SKr885 million; 49% of Codan's unit-linked operations for SKr30 million; and Codan's 15.6% in Amagerbanken, a Danish bank
