DBRS: Swedbank unchanged

DBRS commented on the 4Q and full year 2011 results of Swedbank AB, which has an A (high) senior unsecured debt & deposits rating and R-1 (middle) short-term debt & deposits rating that are unaffected by the results.

The trend is stable.

The agency said that in the last quarter, the bank reported operating profits of SEK 1.8 billion, a 59% reduction from the prior quarter. The quarter's results were negatively impacted by a SEK 330 million charge for staff restructurings in Sweden and the Baltics, and most significantly, a goodwill impairment charge of SEK 1.91 billion related to its Latvian operations following the introduction of new capital requirements by the Swedish authorities.

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