Lansforsakringar Bank Apr 10

Standard & Poors, April 2010

Abstract
Core subsidiary within parent insurance group. Successful growth strategy. Adequate capitalization. Strong asset quality. Still-weak profitability of the banking operations. Small market shares in all business segments relative to large Swedish banks. Sensitivity to pressure on mortgage lending margins. The ratings on Sweden-based L-nsf-rs-kringar Bank (LF Bank) reflect the strengths of its parent, insurance group L-nsf-rs-kringsgruppen (LF). Standard & Poor's Ratings Services equalizes the ratings on LF Bank with those on LF's other core operating company, L-nsf-rs-kringar Sak F-rs-krings AB (publ) (LF Sak; A/Stable/--); they include a two-notch uplift from LF Bank's stand-alone credit profile (SACP). In addition, the ratings factor in the bank's successful growth strategy, adequate capitalization, and strong asset quality. The ratings are constrained by, in our...

Companies mentioned in this report are: Lansforsakringar Bank,Lansforsakringar Sak Forsakrings AB,Agria Ins. Co. Ltd. (Unsolicited Ratings),Lansforsakringar AB,Lansforsakringar Hypotek
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

Lansforsakringar Bank,Lansforsakringar Sak Forsakrings AB,Agria Ins. Co. Ltd. (Unsolicited Ratings),Lansforsakringar AB,Lansforsakringar Hypotek

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