We are affirming our 'A' long-term and 'A-1' short-term counterparty credit ratings on Sweden-based Swedbank AB to reflect three notches of external support. We are lowering our ratings on Swedbank's hybrid instruments to 'BB' due to pressure on the bank's stand-alone credit profile. The negative outlook reflects the possibility that the ongoing brutal correction in the Baltic economies and Ukraine could significantly weaken Swedbank's financial profile. STOCKHOLM (Standard&Poor's) June 18, 2009--Standard&Poor's Ratings Services said today that it had affirmed its 'A' long-term and 'A-1' short-term counterparty credit ratings on Sweden-based Swedbank AB, incorporating an uplift of three notches to reflect external support. The outlook is negative. At the same time, the ratings on Swedbank's hybrid capital
