Very strong capitalization. Strong asset quality and exceptional loan loss track record. Mutual business model. Narrow business operations as a residential mortgage financer. Concentration risk due to focus on residential mortgage lending. Predominantly wholesale funding profile. Standard&Poor's Ratings Services' outlook on Finland-based credit institution The Mortgage Society of Finland (Suomen Hypoteekkiyhdistys [Hypo], or the bank) is negative, reflecting our view that the weak economic recovery in Finland's export-oriented economy could adversely affect the Finnish banking sector's performance in the next two years. This could lead us to revise down our anchor for Finnish banks, including Hypo, to 'bbb+' from 'a-', which in turn would likely prompt us to lower our long-term rating on Hypo. In addition, we could
