We are affirming our 'A' long-term and 'A-1' short-term counterparty credit ratings on Sweden-based Swedbank AB to reflect three notches of external support. We are lowering our ratings on Swedbank's hybrid instruments to 'BB' due to pressure on the bank's stand-alone credit profile. The negative outlook reflects the possibility that the ongoing brutal correction in the Baltic economies and Ukraine could significantly weaken Swedbank's financial profile. On June 18, 2009, Standard&Poor's Ratings Services affirmed its 'A' long-term and 'A-1' short-term counterparty credit ratings on Sweden-based Swedbank AB, incorporating an uplift of three notches to reflect external support. The outlook is negative. At the same time, the ratings on Swedbank's hybrid capital instruments were lowered to 'BB', reflecting continued
