Following a review of Swedbank AB under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have raised our long-term ratings to 'A+' from 'A' and affirmed the 'A-1' short-term rating on Swedbank and its core subsidiary, Swedbank Mortgage AB. The outlook is stable. The stand-alone credit profile (SACP) of Swedbank is 'a-', reflecting our view of its adequate business position, adequate capital and earnings, adequate risk position, average funding and adequate liquidity. The stable outlook on Swedbank reflects our expectation of capital generation following the repeal of the share repurchase activity and expected stability in the bank's risk profile and business position. As we previously announced on Dec. 1, 2011, Standard&Poor's Ratings Services raised
