Moody's downgrades three Swedish banks
The debt and deposit ratings for Nordea Bank AB were downgraded by one notch. Moody's also downgraded by one notch the ratings for Svenska Handelsbanken AB. The debt and deposit ratings for specialised agricultural lender Landshypotek AB declined by two notches.
In contrast, Moody's confirmed the debt and deposit ratings for SEB, as well as those for Swedbank AB.
All ratings for these groups now carry stable outlooks, Moody's said.One day earlier, Swedbank's Chief Financial Officer Göran Bronner told reporters at a banking conference that Sweden’s banks shouldn’t pay too much attention to Moody’s Investors Service because the rater’s assessments tend to be outdated.
“Moody’s in general is very backward looking; they are often stating things that are well recognized from the financial community for a long time,” Bronner told the Bloomberg newswire. “I don’t think Swedish banks should put any particular emphasis on it.”
Last Updated (Friday, 25 May 2012 02:03)