Länsförsäkringar Bank receives higher credit rating by Standard & Poor’s
Standard & Poor’s upgraded Länsförsäkringar Bank’s credit rating from A- to A. Accordingly, the long-term credit rating is A (stable). The short-term rating was raised from A-2 to A-1.
“This is a confirmation of the positive development in the banking operations and that we are implementing our strategy as planned. It also confirms the strategic importance of the banking business in the Länsförsäkringar Alliance,” says Tomas Johansson, President of Länsförsäkringar Bank. “It further strengthens our competitiveness and gives us the strength in continuing to challenge by providing good service, good prices and terms to our customers.”
Standard & Poor’s cites the banking business’s strategic importance to the entire Länsförsäkringar Alliance and the commitment of the owners. They also note the high capital adequacy ratio, high loan quality and continued improvements in the banking business’s performance. Despite intensified competition, with pressure on margins, Länsförsäkringar has continued to increase its share of the Swedish retail market, while at the same time the underlying profitability improved.
For further information, contact:
President, Länsförsäkringar Bank AB
+46 (0)8-588 419 82
+46 (0)73-96 419 82
CFO, Länsförsäkringar Bank AB
+46 (0)8-588 412 51
+46 (0)73- 96 412 51
Press Officer, Länsförsäkringar AB
+46 (0)8-588 414 99
+46 (0)73-96 414 99