On Dec. 16, 2003, Standard&Poor's Ratings Services raised its long- and short-term counterparty credit ratings on Sweden-based Skandinaviska Enskilda Banken AB (SEB) to 'A/A-1' from 'A-/A-2'. The outlook is stable. The rating action reflects the successful defense of SEB's core franchise in corporate banking, as well as the group's heightened focus on risk-adjusted earnings. Moreover, the retail business in Sweden has been revitalized and is contributing positively to group performance. Together with tight cost discipline, these factors have resulted in continued stable performance, despite adverse market conditions. Group performance is also supported by the operations in the Baltic countries, although German banking operations continue to perform below the group's targeted level of return on risk capital. SEB ranks
