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Moody’s stabilizes Svenska Handelsbanken view
Moody’s Investors Service said it confirmed Svenska Handelsbanken AB’s A3 long-term junior senior unsecured rating and changed the outlook to stable from under review.
“This rating action concludes the review for upgrade on Handelsbanken's junior senior ratings initiated on 13 July 2021 following Moody's update to the banks methodology and is based upon Moody's expectation that the bank's loss-absorbing layers, below the senior non-preferred debt class, will not provide sufficient subordination to meaningfully lower the level of loss given failure for SNP debt below that likely to be experienced by subordinated debt,” the agency said in a press release.
Moody's said it sees the bank's financial performance to stay broadly resilient in the aftermath of the pandemic-induced economic downturn.
“Moody's expects that the bank will preserve its conservative risk strategy and strong stewardship in running the bank also going forward but will closely monitor the implementation of the recent strategy update for any potential dilution of these historical strengths,” the agency said.
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