The ratings on Sweden-based mortgage lender Sveriges Bostadsfinansieringsaktiebolag, SBAB (publ) (SBAB) reflect the low-risk nature of the company's business, the company's very strong asset quality and adequate capitalization, as well as its current ownership by the Swedish government and its commitment of support. The ratings are constrained by low profitability, little revenue diversity, and SBAB's almost total reliance on wholesale funding. With total assets of Swedish krona (SEK) 318.4 billion (€33.4 billion at SEK9.53 to €1) on June 30, 2010, SBAB ranks as the fifth-largest mortgage institution in the Swedish market. It operates in both the corporate and household segments, but targets households in particular. Since the onset of the recent financial downturn, SBAB has managed to reverse a previous...
Companies mentioned in this report are:
- SBAB Bank AB
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