We are assigning our 'BBB+' long-term and 'A-2' short-term counterparty credit ratings to Sweden-based retail bank Swedbank Sjuhärad AB. The outlook is stable, reflecting our expectation that the bank will be able to maintain its capitalization in excess of 10% according to our risk-adjusted capital framework. On June 25, 2012, Standard&Poor's Ratings Services assigned its 'BBB+' long-term and 'A-2' short-term counterparty credit ratings to Swedish retail bank Swedbank Sjuhärad AB. The outlook is stable. The ratings reflect Swedbank Sjuhärad's "moderate" business position, "strong" capital and earnings, "moderate" risk position, "average" funding, and "adequate" liquidity, as our criteria define these terms. We consider Swedbank Sjuhärad to have "low" systemic importance, which provides no uplift to the bank's stand-alone credit
