Swedish Export Credit Corp. Jun 11
Standard & Poors, June 2011
Abstract
Extremely high likelihood of government support. Very good loan asset quality. Robust capitalization. Concentration on large individual exposures. Low profitability. Total reliance on wholesale funding. The ratings on state-owned Swedish Export Credit Corp. reflect our opinion that there is an extremely high likelihood of extraordinary support for the company from the Kingdom of Sweden (AAA/Stable/A-1+) which results in an uplift from the company's stand-alone credit profile of four notches. They are also underpinned by the company's very good loan asset quality and robust capitalization. Factors constraining the ratings include the company's significant large exposure risk, low profitability, and total dependence on wholesale funding. With total assets of Swedish krona (SEK) 311 billion (?35 billion at SEK8.95 to ?1) on March...
Companies mentioned in this report are:
- Swedish Export Credit Corp.
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
- Swedish Export Credit Corp.
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