Nordea Hypotek AB Aug 10

Standard & Poors, August 2010

Abstract
Full operational integration within the Nordea group. Stable share of the Swedish mortgage market. Very strong asset quality and good capitalization. Monoline mortgage lending business. 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 the bank's network of branches, very good asset quality, sound funding base, and good capitalization. The ratings are constrained by the company's geographic and business concentration and its limited profitability in a highly competitive low-margin market. With assets of Swedish krona (SEK) 393.3 billion ($55 billion at SEK7.15 to $1) on Dec. 31, 2009, Nordea Hypotek ranks as the third-largest mortgage lender in Sweden. Nordea Hypotek is fully...

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

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