Summary: Swedish Export Credit Corp. Jul 01

Standard & Poors, July 2001

Abstract
The ratings on Swedish Export Credit Corp. (SEK) reflect Standard & Poor's revised assessment of the robustness of government support for export credit agencies, the continual weakening of SEK's core business franchise, as well as the company's strategic reorientation, which may improve performance, but which may also increase the level of risk. The ratings on SEK also reflect the high creditworthiness of its owners, the Kingdom of Sweden (local currency AAA/Stable/A-1+; foreign currency AA+/Positive/A-1+) and Swiss-Swedish engineering group ABB Asea Brown Boveri Ltd. (ABB; AA-/Positive/A-1+). In addition, the ratings are also supported by sturdy capitalization and excellent asset quality. SEK benefits from having two strong owners; since June 2000, the Swedish State has controlled 65% of SEK's capital, and ABB...

Companies mentioned in this report are:
- Swedish Export Credit Corp.

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.

- Swedish Export Credit Corp.

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