Retail banking market leader in Sweden, with a large customer base and wide distribution network. Strong risk-adjusted capital levels, reflecting the low risk profile of domestic operations. Strong earnings capacity. More concentrated exposure to its domestic market than peers. Greater reliance on wholesale funding than international peers. Sluggish loan growth in Baltic markets. The negative outlook on Swedbank reflects S&P Global Ratings' view of heightened economic risks associated with growing economic imbalances in Sweden. We could lower the ratings in the next 24 months if the negative trends we see for Swedish economic risk lead us to revise down our anchor for banks operating in Sweden, including Swedbank, to 'bbb+' from 'a-'. Additionally, we could revise our assessment of Swedbank's
