The ratings on FöreningsSparbanken AB (known internationally as Swedbank) reflect the bank's strong franchise in Sweden, supported by strong name recognition, a large customer base, and the widest distribution network in the country. The ratings also reflect the bank's stable asset quality and underlying profitability, despite the current economic downturn, and its relatively satisfactory capitalization levels. Swedbank is Sweden's leading retail bank, the country's third-largest bank in terms of assets, and the fifth-largest banking group in the Nordic region, with consolidated total assets of Swedish krona (Skr) 957.5 billion (€104.1 billion at Skr9.2 to $1) at Dec. 31, 2002. The group has the widest distribution network in Sweden, and enjoys a very strong domestic market share in retail financial services,
