Standard & Poor’s has revised its Outlook on The Swedish Housing Finance Corporation from stable to developing

On November 6, 2007, Standard & Poor’s Rating Services revised its out-look on The Swedish Housing Finance Corporation (SBAB) from stable to developing. At the same time Standard & Poor’s affirmed the AA-/A-1+ counterparty credit ratings on SBAB. The Swedish Covered Bond Corpora-tion (SCBC) is not affected by the revised outlook.

The developing outlook factors the expectation that within the outlook hori-zon a change in rating is likely but that it is difficult to predict the direction of the rating change until an agreement with a new owner has been reached.

Enclosed Standard & Poor’s Research update.