S&P: September 20, 2024

S&P revised the outlook on Swedbank AB to positive from stable and affirmed the 'A+/A-1' long and short-term issuer credit ratings on Swedbank and its core subsidiary Swedbank Mortgage AB. The positive outlook is a reflection that while residual risks remain for the bank, progress has been made to remediate AML and governance shortcomings, and the impact of the pending investigations is expected to remain contained; an upgrade would however, also depend on Swedbank displaying earnings stability.

Moody's: April 12, 2024

The outlooks on Swedbank's long-term deposit ratings, senior unsecured debt ratings and long-term issuer rating were changed to positive from stable. Moody's Ratings also affirmed Swedbank AB's (Swedbank) Aa3 long-term deposit, senior unsecured debt and long-term issuer ratings. Furthermore, the bank's Baseline Credit Assessment (BCA) and Adjusted BCA were affirmed at baa1. The ratings reflect the bank's strong credit quality, with a focus on low risk Swedish mortgages, and solid capitalisation, which Moody's Ratings expects will remain broadly resilient despite the challenges in cyclical sectors such as construction, retail, manufacturing as well as the real estate sector. Similar to many of its Nordic peers, the BCA also reflects the bank's high reliance on market funding.

Fitch: June 1, 2022

Fitch Ratings upgraded Swedbank AB's Long-Term Issuer Default Rating (IDR) to 'AA-' from 'A+' and Viability Rating (VR) to 'aa-' from 'a+'. The Outlook on the Long-Term IDR is Stable. The upgrade reflects the opinion that Swedbank's anti-money-laundering (AML) risk control framework has been sufficiently strengthened and is now commensurate with a VR in the 'aa' range. Swedbank has addressed historical shortcomings identified at its Estonian subsidiary and largely concluded a broad transformation of its corporate culture, compliance and organisational structure and risk oversight. The upgrade also considers Swedbank's robust financial profile and our expectation that the bank will maintain a sizeable capital buffer to absorb potentially large fines that could result from ongoing AML investigations.