S&P lifts Swedbank to stable

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

The agency also said it affirmed the A+ long-term and A-1 short-term counterparty credit ratings.

S&P also said it raised the ratings on the subordinated debt instruments to A- from BBB+ and the junior subordinated debt instruments to BBB from BBB- as a result of the improved assessment of Swedbank’s stand-alone credit profile to A+ from A.

The upgrades were based on Swedbank’s continued strengthening of its domestic business position in terms of its revenues and efficiency metrics, the agency said.

The bank also outperformed peers, S&P said.

These positive factors compensate for its slightly less diversified revenue base compared to peers, the agency said.

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