STOCKHOLM Feb. 6, 2015--Standard&Poor's Ratings Services said today that it had assigned its 'BBB-' long-term issue rating to the proposed perpetual additional Tier 1 capital notes to be issued by Swedish bank Swedbank AB (A+/Negative/A-1). The rating is subject to our review of the notes' final documentation. This is Swedbank's first additional Tier 1 contingent convertible security (AT1) issuance. We understand that, like those of other Swedish banks, the AT1 issuance will be compliant with the EU's latest capital requirements directive (CRD IV), which implements Basel III in the EU. Also, we understand that the notes will rank senior to ordinary shares, but will be subordinated to more senior debt, including Swedbank's Tier 2 debt. In accordance with
