Over several years, Sweden-based Skandinaviska Enskilda Banken AB (publ) (SEB) has delivered high and stable risk-adjusted profitability in parity with the highest rated commercial banks globally. While its revenue diversification and solid operational efficiency speaks to its earnings strength, SEB's loan loss track record and exceptional asset quality demonstrates its disciplined execution and the resilience of its customer base. We expect these factors will continue to support the bank's market-leading earnings generation under various economic conditions, after having successfully navigated interest rate headwinds and persistently muted growth conditions in its home markets over the past year. Therefore, we raised our long- and short-term issuer credit ratings on SEB to 'AA-/A-1+' from 'A+/A-1'. The stable outlook reflects our anticipation that SEB
