Summary: Sveriges Bostadsfinansieringsaktiebolag, SBAB (publ)

Standard & Poors, April 2007

Abstract
The ratings on Sweden-based Sveriges Bostadsfinansieringsaktiebolag, SBAB (publ) (SBAB) reflect the low-risk nature of the company's business of mortgage banking, its ownership by the Swedish government and the owner's commitment of support, and the company's good asset quality and adequate capitalization. The ratings are constrained by low and declining profitability, shrinking margins and market shares, and minimal revenue diversification. In addition, the long-term rating is constrained below that on the sovereign, due to the commercial nature of SBAB's business, which has led to the company being earmarked for privatization by the new Swedish government. With total assets of Swedish krona (SEK) 195.6 billion ($28.6 billion at SEK6.85 to $1) at Dec. 31, 2006, SBAB ranks as the fifth-largest mortgage institution...

Companies mentioned in this report are: SBAB Bank AB (publ)
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.

SBAB Bank AB (publ)

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