Nordea Bank Abp's (Nordea's) investments in a simpler group structure and de-risked operations have come at the cost of business momentum and customer satisfaction. We anticipate the new executive management team will shift its focus to customers and business growth, while maintaining a cost containment and innovative mindset, which we project will support improved earnings and strong capitalization. We are therefore affirming our 'AA-/A-1+' ratings on Nordea. The stable outlook reflects our expectation that Nordea will be able to generate robust earnings over the next two years, supporting its strong risk-adjusted capitalization. On Oct. 3, 2019, S&P Global Ratings affirmed its 'AA-/A-1+' long- and short-term ratings on Nordea Bank Abp (Nordea). We also affirmed the 'AA-/A-1+' resolution counterparty ratings on
