On Sept. 4, 2003, Standard&Poor's Ratings Services revised its outlook on Sweden-based financial services group Skandinaviska Enskilda Banken AB (SEB) to positive from stable, reflecting management's increased focus on risk control, better cost efficiency over the past two years, and the group's ability to deliver stable profits under adverse market conditions. At the same time, all ratings on SEB, including the 'A-' long-term and 'A-2' short-term counterparty credit ratings, were affirmed. In addition, the rating on SEB's U.S. CP program was withdrawn at the request of the issuer. The ratings on SEB reflect the group's stable franchise in Sweden, Germany, and the Baltic region, its leading position in the capital markets in the Nordic region, and its overall
