Summary: Swedish Export Credit Corp. Jul 09

Standard & Poors, July 2009

Abstract
The ratings on state-owned Swedish Export Credit Corp. are on CreditWatch with negative implications. This reflects Standard & Poor's Ratings Services' review of the likelihood of extraordinary government support for the company from the Kingdom of Sweden (AAA/Stable/A-1+), under its revised criteria for rating government-related entities (GREs). The ratings also reflect the company's very good loan asset quality and strong capitalization. The ratings are constrained by the limited scope of Swedish Export Credit's core business franchise and public-policy role, which has made the company diversify into other, less export-related businesses. They are also constrained by concentration risk arising from its large exposures and by its low profitability. With total assets of Swedish krona (SEK) 383.7 billion (?35 billion at SEK10.87...

Companies mentioned in this report are:
- Swedish Export Credit Corp.
- Sweden (Kingdom of)

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.

- Swedish Export Credit Corp.
- Sweden (Kingdom of)

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