The ratings on Skandinaviska Enskilda Banken AB (SEB) reflect the group's developing franchise in Sweden, Germany, and the Baltic region, the group's defense of leading market positions in the capital markets in the Nordic region, and its satisfactory financial performance in view of the considerable weakening of financial markets and its reduced dependence on more volatile capital market related revenue streams. Additional support for the rating is provided by the group's strengthening capital position, as well as management's focus on integrating group activities and reducing operating costs. SEB ranks as the fourth-largest financial services group in the Nordic region. Its most important operations are in Sweden and Germany, and it is growing rapidly in the Baltic region. The group holds
