We expect Sweden-based Swedbank AB to return to a pre-crisis operating profit range of Swedish krona (SEK) 13 billion-SEK15 billion annually, partly due to a gradual recovery in the Baltic states of Estonia, Latvia, and Lithuania. Swedbank's second-largest market, Estonia, entered the eurozone on Jan. 1, 2011, eliminating previously significant currency risk against the euro. We are affirming our 'A/A-1' long- and short-term counterparty credit ratings on the bank; the outlook is stable. We are raising the bank's stand-alone credit profile (SACP) to 'a-' and raising the hybrid capital rating to 'BBB-' to reflect the change in the SACP and a proposal to resume dividends to shareholders. LONDON (Standard&Poor's) March 2, 2011--Standard&Poor's Ratings Services said today
