Moody's downgrades two Swedish banks

Two of Sweden’s four major banks have had their credit ratings downgraded  by the international ratings agency Moody’s. Moody's said in a statement late Thursday it was cutting the ratings on Sweden's Nordea Bank and Svenska Handelsbanken by one notch to “Aa3”.

Following the downgrade, Moody’s said the outlook for the banks is “stable”.

This is part of the agency’s survey of European banks and their exposure to the debt crisis.

Swedish Radio News reports that even after the downgrade, the two banks still have a higher rating that the other two major Swedish banks, SEB and Swedbank.

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