We believe that Sweden-based Skandinaviska Enskilda Banken AB's operating profits are likely to approach pre-crisis levels, with potential support from net reversals from previous provisions in the Baltic countries of Estonia, Latvia, and Lithuania. The bank continues to extend the duration of its long term funding and increase usage of covered bonds. The Baltic economies are emerging from a sharp economic correction and should contribute positively to the group's operating profit in 2011. We are affirming our 'A/A-1' long- and short-term counterparty credit ratings on the bank and raising its stand-alone credit profile to 'a'. The outlook is stable. STOCKHOLM (Standard&Poor's) March 2, 2011--Standard&Poor's Ratings Services said today that it had affirmed its 'A' long-term and
