On Oct. 17, 2006, Standard&Poor's Ratings Services raised its long-term counterparty ratings on Sweden-based Swedbank AB to 'A+' from 'A'. At the same time, the 'A-1' short-term counterparty credit rating was affirmed. The outlook is stable. The rating change is based on the strengthening of the group's management of risks in the Baltic operations, following the successful integration of Estonia-based subsidiary Hansabank (not rated) after the full takeover in 2005. The increased integration has also raised the potential to realize synergies in costs and revenues in the future. At the same time, the reorientation of the group's international strategy has continued in the past year, with disposals of noncore minority stakes in Finland and Norway. The rating action
