MOODY'S UPGRADES TO A1 FROM A2 THE SENIOR UNSECURED DEBT RATING OF STADSHYPOTEK (SWEDEN)
London, 02-18-97 -- Moody's Investors Service upgraded from A2 to A1 the senior unsecured debt rating of Stadshypotek, Sweden's largest mortgage lender, following the announcement that the acquisition of Stadshypotek by Svenska Handelsbanken (SHB), announced in December 1996, is to proceed. After this transaction Handelsbanken will own at least 98% of Stadshypotek's equity. According to Moody's, the acquisition should give the combined SHB/Stadhypotek group a commanding position in the Swedish mortgage market, with a joint market share of around 40%.
Moody's said that the acquisition should provide benefits to Stadhypotek both in terms of revenue generation, through access to SHB's distribution systems, and through the potential for cost efficiencies. Additionally, the combined SHB/Stadhypotek group should be in a position to exert considerable influence on the future development of this highly competitive sector of the Swedish market.
The following rating was upgraded:
Stadshypotek AB; senior unsecured debt from A2 to A1.
The following rating was confirmed:
Stadshypotek AB; Commercial Paper Prime-1.
Stadshypotek AB is headquartered in Stockholm, Sweden. As at 31st December 1996 its total assets were Skr 298 billion (approximately USD 40.4 billion).
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