S&P pulls Swedbank ratings from CreditWatch

S&P said it removed ratings from CreditWatch with negative implications for Swedbank AB and its subsidiary Swedbank Mortgage AB, where they were placed April 1, 2019.

Regulators and others continue investigating allegations on the bank. The first report on the investigation by Sweden’s Financial Supervisory Authority has been postponed to early next year, S&P said.

“Recently, the bank replaced part of its top management and board of directors, and stabilized the franchise and market confidence; however, ongoing investigations could still highlight serious deficiencies in the bank’s control and governance, resulting in heavy fines and reputational damages,” said S&P in a press release.

S&P affirmed its AA rating for Swedbank and Swedbank Mortgage.

The outlook is negative.

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