S&P ups Swedbank outlook to stable

Standard & Poor's said it revised its outlook on Swedbank AB to stable from negative.

At the same time, the agency said it affirmed the A long-term and A-1 short-term counterparty credit ratings, having raised Swedbank's stand-alone credit profile to BBB+.

Accordingly, S&P noted that the long-term rating effectively incorporates an uplift of two notches to reflect external support while it also affirmed the ratings on the bank's hybrid capital instruments at BB.

"The revision of the outlook reflects its opinion that the economies of the three Baltic countries of Lithuania, Latvia and Estonia have passed the most difficult phase of the cycle," said S&P credit analyst Louise Lundberg.

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