Swedbank Hit By Credit Rating Agencies Amid AML Probe

Law360, London (April 2, 2019, 6:10 PM BST) -- Scandal-hit Swedbank suffered a further blow on Tuesday when two more credit agencies placed the bank on "ratings watch" amid spiraling money laundering allegations tying the Swedish institution to the troubled Danske Bank. 

S&P Global Ratings and Fitch Ratings said that ongoing allegations of Swedbank's potential involvement in money laundering through its Baltic operations, and specifically Estonia, have revealed weaknesses in the bank's management, which could ultimately damage the bank.  

As a result S&P said it may consider downgrading the bank's long-term excellent credit rating "due to implications of authorities investigations into alleged money laundering." 

Meanwhile Fitch said all of Swedbank's debt ratings have been placed on...

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