The ratings on Skandinaviska Enskilda Banken AB (SEB) reflect the group's developing franchise in Sweden, Germany, and the Baltic region, the group's defence of leading market positions in the capital markets in the Nordic region, as well as satisfactory financial performance in view of considerable weakening of financial markets. Additional support to the rating is given by the group's strengthening capital position, as well as management's focus on integrating group activities and reducing operating cost. The group's exposure to revenue related to volatile capital markets remains a constraining factor for the ratings, even though its contribution to operating revenue under current market conditions is limited. SEB ranks as the fourth-largest financial services group in the Nordic region, and has its
