Fitch: May 12, 2026

Fitch Ratings upgraded Swedbank AB's Long-Term Issuer Default Rating (IDR) to AA+ from AA-. This reflects the exclusion of senior resolution debt from IDR reference obligations and the bank's very large resolution debt buffer. At end-March 2026, this buffer was 19.8% of RWAs and Fitch Ratings expect it to remain sustainably above 15%. The Outlook on the Long-Term IDR is Stable. The DCR was upgraded to AA+(dcr) from AA(dcr) and the long-term senior unsecured debt and deposit ratings were upgraded to AA+ from AA. This reflects their revised view of increased creditor and depositor protection from the very large resolution debt buffer. Short-term deposits ratings were affirmed at F1+.

Moody's: April 21, 2026

On 21 April, Moody’s upgraded Swedbank's basic credit rating (BCA) to a2, which reflects a lower risk from US investigations; an extremely strong asset profile; and strong capitalisation as well as high profitability and efficiency. The credit ratings for the various debt instruments were also upgraded in addition to senior preferred debt, which remained unchanged (Aa2) as a result of the new EU Crisis Management and Deposit Insurance (CMDI) legislation. The credit rating outlook changed from positive to stable.

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.