Swedbank's announcement on Feb. 9, 2016, of the immediate departure of its CEO and that he would be replaced by the bank's current head of Swedish banking was followed three days later by media coverage regarding an investigation into the former CEO's potential involvement in market abuse under Swedish law. We understand that Swedbank acted according to internal and external regulations as well as reporting obligations, and we have not identified any significant governance issues, nor do we believe these developments will materially escalate further. We therefore see no immediate risks to Swedbank's earnings or strong business position. We are affirming our 'AA-' and 'A-1+' ratings on Swedbank. The negative outlook reflects the heightened economic risks associated with growing economic
