Summary: Nordea Hypotek AB Apr 04

Standard & Poors, April 2004

Abstract
The rating on Nordea Hypotek AB (NH) is based on the company's relative importance within the business of the Nordea group, specifically within the Swedish arm, Nordea Bank AB (A+/Stable/A-1). Other factors supporting the ratings are the very high level of operational integration of NH in the Nordea Bank structure, NH's very high asset quality, and its sound capitalization. NH is a key part of the Nordea group, as all the group's mortgage loans in Sweden are provided through it. The company focuses on long-term lending to Swedish households, municipalities, and corporate entities. All loans are secured either by mortgages on residential properties or municipal guarantees. NH had a total loan portfolio of Swedish krona (Skr) 212.1billion ($27.8 billion at...

Companies mentioned in this report are:
- Nordea Hypotek AB
- Nordea Bank AB

Action: Review

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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 Hypotek AB
- Nordea Bank AB

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