Summary: Nordea Bank AB Nov 08

Standard & Poors, November 2008

Abstract
The ratings on Nordea group's (Nordea) banking operations in the Nordic region reflect the group's consistent and sensible strategy that has resulted in successful integration; its solid earnings from core banking operations; substantial diversification of revenues and risk; and strong asset quality. The group's capitalization is merely satisfactory given its current risk profile. Nordea's banking operations in the Nordic region comprise Sweden-based Nordea Bank AB, Finland-based Nordea Bank Finland PLC, Norway-based Nordea Bank Norge ASA, and Denmark-based Nordea Bank Danmark A/S. With assets of ?439.8 billion ($549.7 billion at ?1 to $1.25) as at Sept. 30, 2008, Nordea is the largest banking group in the Nordic region. Its strong franchise in Sweden, Finland, Denmark, and Norway provides a solid platform...

Companies mentioned in this report are:
- Nordea Bank AB
- Nordea Bank Norge ASA
- Nordea Bank Finland PLC
- Nordea Bank Danmark 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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

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

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