On March 31, 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 two notches for external support. The outlook is negative. At the same time, the ratings on Swedbank's hybrid capital instruments were lowered to 'BB+', reflecting pressure on the bank's stand-alone credit profile. We consider Swedbank to be of high systemic importance within the Swedish banking system. Under our criteria, we view the Swedish authorities as "supportive" of the country's banking system. The ratings on Swedbank include a two-notch uplift over the bank's stand-alone credit profile. This reflects our view that the bank is likely to receive extraordinary government support should such support become
