Moody's downgrades SBAB Bank AB (publ)

Moody's downgrades SBAB Bank’s issuer rating to A2; outlook stable.On 2 November 2011, Moody’s Investors Service downgraded SBAB Bank's issuer rating to A2 from A1. At the same time, the subordinated debt rating was downgraded to A3 from A2 and the junior subordinated MTN and Tier 1 hybrid ratings were downgraded to Baa2 from Baa1 and to Ba1(hyb) from Baa3(hyb), respectively. All ratings carry a stable outlook. The Prime-1 short-term ratings were unaffected. The ratings of the covered bonds issued by SBAB’s wholly-owned subsidiary, The Swedish Covered Bond Corporation (SCBC), are