We continue to view Swedish bank SEB as having a unique franchise in the Nordic region and thus being able to sustain above-average earnings and credit metrics. We expect SEB to build on its progress regarding the reduction of short-term funding of long-term assets. We are therefore affirming our 'A+' long-term and 'A-1' short-term ratings on SEB. Our outlook remains negative as we continue to see risks coming from weak economic fundamentals in SEB's core markets. On July 19, 2013, Standard&Poor's Ratings Services affirmed its 'A+' long-term and 'A-1' short-term counterparty credit ratings on Sweden-based Skandinaviska Enskilda Banken AB (SEB) and its 'A/A-1' long- and short-term counterparty credit ratings on its "highly strategic" German subsidiary SEB AG. The
