The ratings on Swedbank AB reflect the bank's important market position in Sweden--which gives it high systemic importance-- the low risk profile of its domestic operations, and the high likelihood of government support, if needed. The ratings are constrained by the material credit risk involved in the bank's operations in the Baltic countries of Estonia, Latvia, and Lithuania, which are emerging from a significant correction. In addition, Standard&Poor's Ratings Services considers the bank's exposure in Ukraine and Russia to be a further constraining factor for the ratings, as is its heavy reliance on wholesale funding. Swedbank is Sweden's leading retail bank and the country's fourth-largest universal bank, with consolidated total assets of Swedish krona (SEK) 1,795 billion (€175
