In the context of Scope Ratings’ strategy of focussing on the needs of institutional investors, Scope will offer its unsolicited bank and covered bond credit ratings on a subscription basis only via its credit intelligence platform.

Following implementation in Swedish law of a new class of senior non-preferred debt, Scope rates Swedbank’s senior non-preferred debt at A and upgrades senior unsecured (non-MREL eligible) debt one notch to A+, both with Negative Outlook.

As concerns emerge over Swedbank’s handling of money-laundering allegations focused on the Baltic states, Scope has revised the outlook to negative on Swedbank’s A+ Issuer Rating, A senior unsecured debt rating, BB+ AT1 rating and S-1+ short term rating.

This rating action concludes the review initiated a month ago. It reflects Swedbank’s ability to weather weakness in Sweden’s housing market, reassuring financial metrics and steady growth strategy based on cost discipline and a strong digital offering.

Scope’s review will cover Swedbank’s ability to weather weakness in Sweden’s housing market and the effects of the Swedish regulator’s related macro-prudential measures, as well as expected changes to capital requirements for Swedish mortgages.