Sweden-based banking group Skandinaviska Enskilda Banken AB has signed an agreement to sell the retail operations of wholly-owned Germany-based subsidiary SEB AG. We believe the transaction will have only a limited impact on the group's business and financial risk profiles and clarifies its strategy in Germany. We are affirming our 'A/A-1' long- and short-term counterparty credit ratings. The stable outlook reflects our unchanged expectation that asset quality and earnings will stabilize in 2010. On July 13, 2010, Standard&Poor's Ratings Services affirmed its 'A/A-1' long- and short-term counterparty credit ratings on Sweden-based banking group Skandinaviska Enskilda Banken AB (SEB). The outlook is stable. The rating affirmation reflects our view that the announced transaction will have only a limited impact
