Retail banking market leader in Sweden, with a large customer base and wide distribution network. Low risk profile of domestic operations. Improved funding composition and duration improving liquidity risk metrics. Sluggish credit recoveries in Baltic markets. Reliance on wholesale funding increases confidence sensitivity. Standard&Poor's Ratings Services' stable outlook on Sweden-based Swedbank AB reflects our expectations that Swedbank will continue to benefit from the stability of its diverse revenue sources and maintain capital within and at the higher end of the level we consider "adequate," under our criteria. We expect Swedbank to generate annual operating revenues of Swedish krona (SEK) 17 billion-SEK18 billion throughout our forecast horizon, despite the increase in loan provisions we see as inevitable given the
