The SEK15 billion rights issue announced on Aug. 17, 2009, will provide an additional cushion for the continued high level of loan loss provisions that we expect to come through from the bank's Baltic and Ukrainian operations. We are affirming our 'A/A-1' long- and short-term counterparty credit ratings on Sweden-based Swedbank AB. The negative outlook reflects the possibility that the correction in the Baltic economies and Ukraine could significantly weaken Swedbank's financial profile. On Aug. 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. The outlook is negative. The affirmation follows yesterday's announcement that the bank will raise a total of Swedish krona (SEK) 15 billion (€1.5 billion
