S&P revises SBAB Bank AB outlook to negative
Due to a weakening economic outlook for Sweden , Standard and Poor's has revised SBAB Bank´s outlook from stable to negative. At the same time the long- and short-term credit ratings have been affirmed.
On 20 November 2012, Standard and Poor's revised SBAB Bank's outlook from stable to negative. The long- and short-term credit ratings have been affirmed at A+ and A-1. The revision was based on indications of a sharper economic slowdown in Sweden than previously expected, leading S&P to conclude that economic risks for the Swedish banking industry are increasing.
SBAB Bank offers residential mortgages and saving products through the Internet and telephone, and also grants loans to the corporate sector and housing associations. By offering products and services that challenge and simplify, SBAB Bank contributes to increased competition in the Swedish market. The company was founded in 1984 and is wholly owned by the Swedish Government. In 2011, the company’s lending volume amounted to SEK 248.1 billion and the deposit volume to SEK 8.8 billion. SBAB Bank has about 410 employees, of whom approximately 120 work at the headquarters in Stockholm. Learn more at www.sbab.se/english
For further information, please contact:
Lennart Krän, CFO SBAB Bank
Telephone: +46-8-614 43 28, Mobile: +46-727-42 43 28, firstname.lastname@example.org
Bernd Schmitz, Chief Press Officer SBAB Bank
Telephone: +46-8-614 43 94, Mobile: +46-727-44 43 94, email@example.com