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NCR believes the refinancing risk of Swedish companies has been reduced following recent government initiatives targeted at the export sector. covid-19

• Read more about Swedish government initiatives support disrupted credit markets

On 19 Mar. 2020, Swedbank received a final judgement from the Swedish financial supervisory authority (FSA) with respect to alleged money laundering activities at its Estonian branch.

• Read more about Q&A: Swedbank judgement and share price impacts on Swedish savings banks

Given coordinated efforts of the central banks and regulators, NCR believes that the COVID-19 crisis will be more about credit risk than the lack of liquidity observed during the financial crisis. covid-19

• Read more about Nordic niche banks face uncertain future for nonperforming loans

• Read more about Svensk FastighetsFinansiering AB (publ)

Svensk FastighetsFinansiering AB (publ) (SFF) is a joint venture founded in 2014 with common stock divided equally among Fabege, Catena, Diös, Platzer and Wihlborgs. The company is a financing vehicle for its owners, issuing secured debt and green bonds for selected CRE properties associated with its owners' core business in accordance with the prospectus for its medium-term note (MTN) program. SFF is the only source of secured capital market financing for each of its owners and by pooling the assets of the owner companies provides its owners with an alternative to bank financing.

Year-end data shows that Swedbank's decline in its share of the Swedish mortgage market has accelerated during the fourth quarter.

• Read more about Swedbank continues to lose mortgage markets shares

Nordic Credit Rating (NCR) applies a score of 'a-' for the Swedish banking market.

• Read more about Strong Swedish bank market despite Baltic money laundering scandal

• Read more about Cabonline Group Holding AB (publ)

The rating was withdrawn on 11 Dec. 2020.

SEB and Nordea have increased their share of the Swedish mortgage market over the last half year, targeting a higher share of the growing market for mortgages to flats.

• Read more about SEB and Nordea accelerate as Swedish housing market bounces back

In this commentary NCR describes its view of the various features of corporate hybrid instruments and explains how they affect our view on equity treatment in our corporate credit analysis.

• Read more about Nordic Credit Rating's view on corporate hybrid securities

Today Nordic Credit Rating AS (NCR) published an update to its Rating Principles methodology. The changes have no impact on NCR's existing ratings.

• Read more about Nordic Credit Rating updates its Ratings Principles methodology