Swedbank's transformation program to address structural deficiencies in managing governance and money laundering risk has resulted in a more robust risk management framework. A recent final agreement with the U.S. Treasury's Office for Foreign Assets Control (OFAC) is one of the milestones clearing the group from legacy issues and we expect the bank will be able to cover any potential fines from the other three U.S. investigations, given its robust earnings and capitalization profile. We affirmed our 'A+/A-1' long-term and short-term issuer credit rating on Swedbank. The stable outlook reflects our view that Swedbank will deliver resilient earnings and maintain a solid level of capital over the next two years. On June 26, 2023, S&P Global Ratings affirmed its 'A+/A-1'
