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Swedish banks under pressure as they risk rating downgrades

Friday, 04 May 2012
Swedish big banks have come under pressure and there is nervousness around the corridors of Swedish banks as the credit rating agency, Moody's threaten down grade. According to reports in Swedish media, the Institute has indicated that all the major Swedish banks might see their credit rating reduced in an announcement that might come as soon as next week.

Moody's has indicated that all the major Swedish banks are at risk of downgraded credit rating and there are reports that the announcement could come as early as next week, writes Swedish newspaper, Svenska Dagbladet. This is after an extensive review of the Swedish banking sector.

Lower ratings mean higher borrowing costs and ultimately more expensive mortgages. Swedbank has the lowest grade of the major banks and can be hit hardest:
"We have had very intensive discussions with Moody's, "said Swedbank's CFO Göran Bronner.

Handelsbanken risk was incurred when Moody’s reviewed it ratings. The bank runs the risk of losing its strong double-A-2 to be reduced by 2 basis point, while SEB, Nordea and Swedbank could also see their reduced by one basis point.
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