Moody's: April 10, 2025

Moody's upgraded Swedbank’s ratings on long-term deposit, senior unsecured debt and long-term issuer ratings to Aa2 from Aa3. Furthermore, the bank's Baseline Credit Assessment (BCA) and Adjusted BCA were upgraded to a3 from baa1. The short-term deposit ratings were affirmed at P-1. The outlooks on Swedbank's long-term deposit ratings, senior unsecured debt ratings and long-term issuer rating were changed to stable from positive. The ratings reflect the bank's consistent work to repair and address its past Anti-Money Laundering weaknesses, while prudently managing its capital buffers and asset liability risks. Furthermore, Swedbank continues to demonstrate very strong credit quality, with a focus on low risk Swedish mortgages, and solid capitalisation, which we expect will remain broadly resilient despite the macro related uncertainties.

S&P: September 23, 2025

S&P Global Ratings raised its long- and short-term issuer credit ratings on Swedbank AB and its core subsidiary Swedbank Mortgage AB to 'AA-/A-1+' from 'A+/A-1'. The outlook is stable.  At the same time, Swedbank’s issue ratings on the bank's senior and subordinated debt instruments were also raised. The rating reflects the strengthened governance, compliance, and risk management framework to address the serious deficiencies raised by home regulators in 2020 and that Swedbank now operates with a mature anti-financial-crime compliance framework. Also reflecting the bank’s solid operation performance and robust risk-adjusted capitalization that will provide a material financial buffer to counter a potential fine. The stable outlook reflects the expectation of a sustained strong operation performance, robust capitalization, and a fully effective risk management framework.

Fitch: June 1, 2022

Fitch Ratings upgraded Swedbank AB's Long-Term Issuer Default Rating (IDR) to 'AA-' from 'A+' and Viability Rating (VR) to 'aa-' from 'a+'. The Outlook on the Long-Term IDR is Stable. The upgrade reflects the opinion that Swedbank's anti-money-laundering (AML) risk control framework has been sufficiently strengthened and is now commensurate with a VR in the 'aa' range. Swedbank has addressed historical shortcomings identified at its Estonian subsidiary and largely concluded a broad transformation of its corporate culture, compliance and organisational structure and risk oversight. The upgrade also considers Swedbank's robust financial profile and our expectation that the bank will maintain a sizeable capital buffer to absorb potentially large fines that could result from ongoing AML investigations.