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 its relatively satisfactory capitalization levels and improved profitability. Swedbank is Sweden's leading retail bank and the country's third-largest bank in terms of assets, with consolidated total assets of Swedish krona (Skr) 1.16 trillion ($152.2 billion at Skr7.62 to $1) at June 30, 2005. The group has the widest distribution network in Sweden, and enjoys a very strong domestic market share in retail financial services, particularly in mortgage finance, asset management, and household deposits. Its wholly owned subsidiary,
