STOCKHOLM (Standard&Poor's) March 31, 2009--Standard&Poor's Ratings Services said today that it had revised its outlook on Sweden-based Skandinaviska Enskilda Banken AB (SEB) to negative from stable. At the same time, the 'A' long-term and 'A-1' short-term counterparty credit ratings were affirmed, incorporating an uplift of two notches of external support. In addition, the rating on the bank's hybrid capital instruments was lowered to 'BB+' from 'BBB+', reflecting pressure on the bank's stand-alone credit profile. The affirmation reflects our view of SEB as a highly systemically important institution to Sweden. Although SEB has used no government support to date, we believe that, if severe stress necessitated it, the Swedish government would provide support to SEB. Consequently, we
