NY -- Standard&Poor's CreditWire 2/20/97 -- Standard&Poor's today has affirmed its `A-2' commercial paper and short-term counterparty ratings of Swedbank (Sparbanken Sverige AB). At the same time, Standard&Poor's also affirms its `A-2' short-term debt and counterparty ratings of Foreningsbanken AB. In a related action, Standard&Poor's has affirmed its short-term debt and counterparty `A-2' ratings on Spintab (Swedmortgage) AB (known internationally as Swedmortgage), Swedbank's wholly-owned, mortgage lending subsidiary. These rating actions follow the Feb. 18, 1997 announcement of a merger between Swedbank and Foreningsbanken. The enlarged entity, which will be named ForeningsSparbanken, will be the second largest bank in Sweden and will have a strong position in the domestic household and agricultural sectors.
