In the latest blow, Swedbank’s ratings were slashed by Moody’s Investors Service amid concerns that its sizeable exposure to the weakening economies of the Baltic countries through its wholly owned subsidiary, Hansabank, are pressuring its financial ratios. Moody’s cut Swedbank’s bank financial strength rating from B to B– and its deposit ratings to Aa2 from Aa1. The outlook on both these ratings remains negative. Hansabank ratings were also cut.
Swedbank was a prime beneficiary of strong economic growth in the region after it entered the Baltic banking markets in 1998 through the purchase of a majority stake in Hansabank in Estonia.
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