Nordea Hypotek AB Jul 08

Standard & Poors, July 2008

Abstract
Full operational integration within the Nordea group Stable share of the Swedish mortgage market Excellent asset quality and good capitalization Monoline mortgage lending business Strong competition in a low-margin business Concentration in Sweden The ratings on Sweden-based Nordea Hypotek AB reflect its deep integration within Nordea Bank (AA-/Stable/A-1+), good customer accessibility through Nordea's network of branches, excellent asset quality, sound funding base, and good capitalization. The ratings are constrained by the company's geographical and business concentration and its limited profitability in a highly competitive low margin market. With assets of Swedish krona (SEK) 319.7 billion ($50 billion at SEK6.40 to $1) on Dec. 31, 2007, Nordea Hypotek ranks as the third-largest mortgage lender in Sweden. It operates through Nordea Bank's...

Companies mentioned in this report are:
- Nordea Hypotek AB
- Nordea Bank Norge ASA
- Nordea Bank Finland PLC
- Nordea Bank Danmark A/S
- Nordea Bank AB
- Nordea Kredit Realkredit A/S

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- Nordea Hypotek AB
- Nordea Bank Norge ASA
- Nordea Bank Finland PLC
- Nordea Bank Danmark A/S
- Nordea Bank AB
- Nordea Kredit Realkredit A/S

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