S&P Global Ratings upgrades SEB
S&P Global Ratings (S&P) has raised its long-term issuer credit rating on SEB to AA- from A+. The decision is motivated by the bank's ability to deliver high and stable risk-adjusted profitability in parity with the highest rated commercial banks globally.
"Our standing in the credit market is highly important for SEB. The S&P upgrade is a testament to our consistent efforts to run the bank with robust asset quality, operational efficiency, and strong resilience. Having access to cost efficient funding further strengthens our ability to support our customers and enhances our competitive position in all markets where we are present, while contributing to the broader economy as a safe and trusted bank," says SEB's President and CEO Johan Torgeby.
S&P motivates its decision by highlighting SEB's track record of delivering high and stable risk-adjusted profitability over several years, in line with the highest-rated commercial banks globally.
S&P further emphasises SEB's strong business diversification in terms of revenue and geographic distribution that compares favourably to most peers. S&P concludes that the outlook for SEB is stable.