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Moody's withdraws credit ratings of Swedbank AB's Russian and Ukrainian subsidiaries

October 12, 2010 | Moody's Investors Service

Moscow, October 12, 2010 -- Moody's Investors Service has today withdrawn
Swedbank OJSC's (Swedbank Russia's) Ba3 long-term and Not Prime
short-term local- and foreign-currency deposit ratings and its E+ Bank
Financial Strength Rating (BFSR). Before this withdrawal, Swedbank
Russia's long-term deposit ratings carried a negative outlook and the
outlook on the BFSR was stable. Concurrently, Moody's Interfax Rating
Agency has withdrawn the long-term national scale rating (NSR) of Aa3.ru,
which did not carry any specific outlook.

Moody's has also withdrawn Swedbank's (Swedbank Ukraine's) B1 long-term
and Not Prime short-term local-currency deposit rating, the B3 long-term
and Not Prime short-term foreign-currency deposit rating, the E BFSR and
the Aa3.ua NSR. Before this withdrawal, the long-term deposit ratings
carried a negative outlook and the outlook on the BFSR was stable. The
NSR did not carry any specific outlook.

The rating withdrawal does not reflect a change in the companies'
creditworthiness. Swedbank Russia and Swedbank Ukraine had no outstanding
debt rated by Moody's at the time of the withdrawal.

RATINGS RATIONALE

Moody's Investors Service has withdrawn the credit ratings for business
reasons. Please refer to Moody's Investors Service's Withdrawal Policy,
which can be found on our website, www.moodys.com.

Moody's most recent rating action on Swedbank Russia was on 16 November
2009 when Moody's assigned Ba3 long-term and Not Prime short-term local-
and foreign-currency deposit ratings with a negative outlook and an E+
BFSR with a stable outlook. Moody's Interfax Rating Agency assigned a NSR
of Aa3.ru.

Moody's most recent rating action on Swedbank Ukraine was on 28 May 2009
when Moody's downgraded the long-term local-currency deposit rating to
B1 (negative outlook) from Ba2, the BFSR to E (stable outlook) from E+
and affirmed the B3 long-term foreign-currency deposit rating (negative
outlook). The Not Prime short-term ratings were affirmed and the NSR was
downgraded to Aa3.ua from Aa1.ua.

Headquartered in Moscow, Swedbank Russia reported total assets of US$1.91
billion at YE 2009 according to the bank's IFRS financial report.

Headquartered in Kiev, Ukraine, Swedbank Ukraine reported total assets of
US$1.73 billion at YE 2009 according to local accounting standards.

Company: Swedbank Russia

Full company nameOJSC Swedbank
Country of riskRussia
IndustryBanks

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