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Credit ratings

SEB continuously focuses on improving the Group's rating. This is important, since a high rating over time implies lower funding costs and more business opportunities in the international capital markets. SEB is rated by Fitch, Moody's and S&P Global. Moody's also rates SEB's covered bonds.

The following table shows the current rating of SEB.




S&P Global

Stand-alone rating aa- (viability rating) a3 (baseline credit assessment) A
Issuer credit rating

AA- Aa3 A+
Outlook Stable Stable Stable
AT1 instruments BBB+ Baa3 (hyb)  
T2 subordinated debt A Baa1 BBB+
Senior non-preferred debt AA- A3 (junior senior) A- (senior subord)
Senior unsecured debt AA Aa3 A+
Deposits AA/F1+ Aa3 A-1
Counterparty rating AA(dcr) Aa2/Prime-1 AA-
Counterparty risk assessment   Aa2(cr)-Prime-1(cr)  


Latest reports:



S&P Global

Rating history

Rating actions 2021

October 2021: Senior unsecured debt and deposits downgraded from Aa2 to Aa3 with Stable outlook following the Swedish resolution authority's proposal to amend its rules on MREL – Moody's

August 2021: Changed from Negative to Stable outlook reflecting reduced downside risks as the economic recovery in SEB's home markets gathers pace - Fitch

July 2021: Changed from Stable outlook to Negative outlook on senior unsecured debt and upgrade of AT1 instruments from Ba1 to Baa3 - Moody's

The changes are due to a change in the rating methodology in combination with anticipated lower volumes of senior unsecured funding.

Rating actions 2020

September 2020: Changed from Negative watch to Negative outlook – Fitch

April 2020: Changed from Stable outlook to Negative watch - Fitch

The major Nordic banks were placed on Negative watch to reflect the downside risks to their credit profiles resulting from the economic and financial-market implications of the coronavirus outbreak. The ultimate implications of the pandemic for banks' credit profiles are unclear, but Fitch considers the risks to be skewed to the downside.

Rating actions 2018

May 2018: upgraded to Aa2 – Moody's

Rating actions 2016

May 2016: upgraded to AA- – Fitch
June 2016: upgrade of subordinated and junior subordinated debt – Standard & Poors

Rating actions 2015

December 2015: upgraded to Aa3 – Moody's
December: Changed outlook to stable – Standard & Poors

Rating actions 2014

June: Outlook upgraded to Positive; Affirms 'A+' Rating – Fitch

Rating actions 2013

November: Affirms Skandinaviska Enskilda Banken at 'A+'; Outlook Stable – Fitch

Rating actions 2012

November: Negative Outlook - Standard & Poor's

The negative outlook on the major Swedish banks reflects S&P's view of weakening economic fundamentals in Sweden and in particular their expectation that the current slowdown may turn into a recession, which would put pressure on the banking sector's financial performance.

May: Moody's reaffirmed long-term rating and stable outlook.

February: Moody's put 114 European financial institutions on negative watch incl. all Nordic banks. SEB's short-term rating was affirmed. SEB's long-term rating on negative watch for a possible one notch downgrade.

Rating actions 2011

December: Upgraded; reaffirmed outlook - Standard & Poor's

Moody's, June 8

Upgraded the junior subordinated and Tier 1 instrument ratings of SEB to Baa2 (hyb) and Ba1 (hyb), respectively. The upgrade of these junior debt instruments follows an improvement in the

bank's standalone credit strength to Baa1 from Baa2

Rating actions 2010

February: Changed outlook to stable - S&P

June: Changed outlook to stable - Moody's

Rating actions 2009

February: Downgraded - S&P

March: Changed outlook to negative - S&P

April: Downgraded and continued negative outlook - Moody's

June: Reiterated Stable Outlook - Fitch

Rating actions 2008

December: Changed outlook to negative - Moody's

October: Changed outlook to negative - S&P

September: Changed outlook to stable - Moody's

July: Outlook changed to stable - Fitch

Rating actions 2007

February: Upgraded - Moody's

April: Modified upgrade - Moody's

June: Reiterated Positive Outlook – Fitch

July: Positive Outlook - Moody's

Rating actions 2006

October: Upgraded - S&P

July: Positive Outlook - Fitch

Rating actions 2005

October: Positive Outlook - S&P

Rating actions 2004

February: Upgraded - Moody's

Rating actions 2003

December: Upgraded - S&P

November: Possible Upgrade - Moody's

September: Positive Outlook - S&P

January: Upgraded - Moody's

Contact us at SEB Investor Relations

Visiting address: SEB, Kungsträdgårdsgatan 8, Stockholm, Sweden
Switchboard: 0771-62 10 00, from abroad: +46 771 62 10 00

Pawel Wyszynski, Head of Investor Relations +46 70 462 21 11
Philippa Allard, Senior Debt Investor Relations Officer +46 70 618 83 35
Per Andersson, Senior Investor Relations Officer +46 70 667 74 81
Amelie Blecher, Debt Investor Relations Officer +46 70 462 21 96
Malin Schenkenberg, Senior Investor Relations Officer +46 70 763 95 31