Bloomberg News

Sweden’s Norman Says Moody’s Downgrades to Banks Is Undramatic

May 25, 2012

Moody’s Investors Service’s downgrades to Nordea Bank AB (NDA) and Svenska Handelsbanken AB (SHBA) debt were expected and aren’t reason for concern, Sweden’s Financial Markets Minister Peter Norman said today.

“This was expected and known for a long time,” Norman told national television SVT. “Many expected several and larger downgrades, so this is actually positive and not dramatic.”

Nordea and Handelsbanken were cut by one level to Aa3 and Norway’s DNB Bank ASA was lowered to A1, Moody’s said in separate statements. Credit grades of SEB AB and Swedbank AB (SWEDA) were affirmed while Landshypotek AB was cut two steps to Baa2. All are at stable outlooks, Moody’s said.

To contact the reporter on this story: Kim McLaughlin in Stockholm at kmclaughlin6@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net


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