Strong capitalization. Expected continued close ties with major shareholder, Swedbank AB. Robust earnings capacity. Concentration risk due to regional operations and narrow market focus. Small size relative to main competitors. Small domestic market share. The negative outlook on Swedish savings bank Swedbank Sjuhärad AB reflects S&P Global Ratings' view that we could lower the ratings within our two-year outlook horizon if the negative trends we see for Swedish economic risk cause us to revise down our anchor for banks operating in Sweden to 'bbb+' from 'a-'. In addition, we could take a negative rating action if Swedbank Sjuhärad's ties with Swedbank weakened considerably or if Swedbank Sjuhärad is unable to maintain capital in line with our forecast. This could happen,
