Nordic & Baltic Ratings Issuer Long-term Outlook Short-term Nordic FSR DENMARK rating rating short-term rating BRFKredit A/S A- Stable A-2 Codan Forsikrings A/S, local A+ Negative A+/Negative Copenhagen Airports A/S BBB- Stable Copenhagen Airports Denmark ApS BBB- Stable Danske Bank A/S A- Positive A-2 K-1 Denmark, Kingdom of AAA Stable A-1+ DLR Kredit A/S BBB+ Positive A-2 DONG Energy A/S BBB+ Negative A-2 Energinet.dk SOV AA Stable A-1+ K-1 Europaeiske Rejseforsikring A/S, local BBBpi BBBpi GF-Forsikring A/S, local BBBpi BBBpi ISS A/S BB- Positive ISS Global A/S BB- Positive ISS World Services A/S BB- Positive B Jyske Bank A/S A- Stable A-2 K-1 Kopstaedernes Forsikring, local BBpi BBpi KommuneKredit AAA Stable A-1+ Laererstandens Brandforsikring G/S, local BBBpi BBBpi Nordea Bank Denmark A/S AA- Negative A-1+ Novo Nordisk A/S A+ Stable A-1 Nykredit Bank A/S A+ Stable A-1 Nykredit Realkredit A/S A+ Stable A-1 Sygeforsikringen Danmark, local BBBpi BBBpi TDC A/S BBB Positive A-2 Tryg Forsikring A/S, local A- Stable A-/Stable Tryg Garantiforsikring A/S, local A- Stable A-/Stable Welltec A/S BB- Stable ESTONIA Eesti Energia AS BBB+ Stable Estonia, Republic of AA- Stable A-1+ FINLAND Aktia Bank PLC A- Negative A-2 Alands Omsesidiga Forsakringsbolag, local BBpi BBpi Bank of Åland PLC BBB Negative A-3 Dynea International Oy B Stable Elisa Corp. BBB Stable A-2 Fennia Mutual Insurance Co., local BBBpi BBBpi Finland, Republic of AAA Stable A-1+ 1
Cont. FINLAND Long-term Outlook Short-term Nordic FSR Fingrid Oyj AA- Stable A-1+ K-1 Forsakringsaktiebolaget Alandia, local BBBpi BBBpi Fortum Oyj A- Negative A-2 K-1 Garantia Insurance Co. Ltd., local A- Stable A-/Stable If P&C Insurance Co. Ltd., local A Stable A/Stable Keskinainen Vakuutusyhtio Turva, local BBpi BBpi Lahivakuutus Keskinainen Yhtio, local BBBpi BBBpi Metsa Board Corp. B- Stable B Metso Corp. BBB Positive A-2 Municipality Finance Plc. AAA Stable A-1+ Municipal Guarantee Board AAA Stable A-1+ Nokia Corporation BB- Negative B Nordea Bank Finland PLC AA- Negative A-1+ Pohjantahti Keskinainen Vakuutusyhtio, local Pohjola Bank PLC AA- Negative A-1+ BBpi BBpi Pohjola Non-Life insurance Co. Ltd., local AA- Negative AA-/Negative Redarnas Omsesidiga Forsakringsbolag, local BBBpi Sampo Bank Plc A- Positive A-2 BBBpi Stora Enso Oyj BB Negative B K-4 TeliaSonera Finland Oyj A- Stable A-2 Teollisuuden Voima Oyj BBB Stable A-2 UPM-Kymmene Corporation BB Stable B ICELAND Bakkavor Finance 2 PLC B- Stable Ibudalanasjodur (Housing Financing Fund) BB Stable B Iceland, Republic of BBB- Stable A-3 Landsvirkjun BB Stable B Tryggingamidstodin hf., local BB+ Stable BB+/Stable LATVIA Latvia, Republic of BBB Positive A-2 Riga, City of BBB Positive A-2 LITHUANIA Bite Finance International B.V B- Watch Pos. Lithuania, Republic of BBB Stable A-2 UAB Bite Lietuva B- Watch Pos. NORWAY Assuranceforeningen Gard - Gjensidig local Assuranceforeningen SKULD Gjensidig-local DnB Bank ASA A+ Stable A-1 Eksportfinans ASA BB+ Negative B Fjellinjen AS AA- Stable A-1+ A+ Stable A+/Stable A Stable A/stable Gjensidige, local A Stable A/Stable 2
Cont. Norway Long-term Outlook Short-term Nordic FSR Gjensidige Bank ASA BBB+ Negative A-2 Gjensidige Bank Boligkreditt AS BBB+ Negative A-2 KBN Kommunalbanken Norway AAA Stable A-1+ Kommunal Landspensjonskasse, local A- Negative A-/Negative Nordea Bank Norge ASA AA- Negative A-1+ Norges Statsbaner AS AA- Stable A-1+ Norsk Hydro ASA BBB Stable A-2 * Norske Skogindustrier ASA SD NM SD Norway, Kingdom of AAA Stable A-1+ Norwegian Hull Club, local A- Stable A-/Stable Oslo, City of AAA Stable Petroleum Geo-Services ASA BB Stable Statkraft AS A- Stable A-2 Statkraft Energi AS A- Stable A-2 Statkraft SF A- Stable A-2 Statnett SF A+ Stable A-1 Statoil ASA AA- Stable A-1+ Statoil Forsikring, local A+ Stable A+/Stable Storebrand ASA BBB Stable Storebrand Bank ASA BBB+ Stable A-2 Storebrand Livforsikring AS A- Stable A-Stable Telenor ASA A- Stable A-2 Yara International ASA BBB Stable A-2 SWEDEN Agria Ins. Co. Ltd., local A-pi A-pi Akademiska Hus AB AA Stable A-1+ K-1 Alfa Laval AB BBB+ Positive Apoteket AB A+ Stable A-1 K-1 Assa Abloy AB A- Stable A-2 K-1 Atlas Copco AB A Stable A-1 K-1 Autoliv Inc. BBB+ Stable A-2 K-1 Borås City of AA+ Stable A-1+ K-1 Danske Bank A/S (Swedish branch) A- Positive A-2 Dometic Group AB B- Negative Dometic Holding AB B- Negative Electrolux, AB BBB+ Stable A-2 K-1 E.ON Sverige AB A- Stable A-2 K-1 Ericsson, Telefonaktiebolaget L.M. BBB+ Negative A-2 K-1 ERV Forsakringsaktiebolag, local BBBpi BBBpi Fastighets AB Förvaltaren AA- Stable A-1+ K-1 Förvaltnings AB Framtiden AA- Stable A-1+ K-1 Fysikhuset Stockholm KB AAA Gard Marine & Energy Forsakring AB, local A+ Stable A+/Stable Göteborg (City of) AA+ Stable A-1+ K-1 Handelsbanken, Svenska AA- Negative A-1+ Helsingborg (City of) AAA Stable A-1+ K-1 3
Cont. Sweden Long-term Outlook Shortterm Nordic FSR Holmen AB BBB Stable A-2 K-2 Huddinge (Municipality of) AA+ Stable A-1+ K-1 If P&C Insurance Ltd. (publ) A Stable A/Stable Industrivärden, AB A- Stable A-2 K-1 Investor AB AA- Stable A-1+ K-1 Kommuninvest i Sverige AB AAA Stable A-1+ K-1 Landshypotek AB A Negative A-1 K-1 LE Lundbergföretagen AB A+ Stable A-1 K-1 Lejonfastigheter AB AA- Stable A-1+ K-1 Linköpings Stadshus AB AA+ Stable A-1+ K-1 Lund (Municipality of) AAA Stable A-1+ K-1 Lunds Energikoncernen AB (publ) BBB+ Negative A-2 K-1 Länsförsäkringar AB A- Stable Länsförsäkringar Sak Försäkrings AB A Stable A/Stable Länsförsäkringar Bank A Stable A-1 K-1 Malmö (City of) AAA Stable A-1+ K-1 MKB Fastighets AB AA- Stable A-1+ K-1 NASDAQ OMX Stockholm AB A+ Stable A-1 Nobina AB B Stable Nobina Europe Holding AB B Stable Nordea Bank AB AA- Negative A-1+ K-1 NorCell 1B AB (publ) B Stable NorCell Sweden Holding2 AB (publ) B Stable Nordea Hypotek AB A-1+ Norrköping (Municipality of) AA+ Stable A-1+ K-1 Octapharma Nordic AB BB+ Stable PRI Pensionsgaranti, local A Stable A/Stable Perstorp Holding AB (publ) B- Stable Sandvik AB BBB+ Stable A-2 K-1 SAS AB CCC+ Watch Neg SBAB Bank AB A Negative A-1 K-1 SCA, Svenska Cellulosa AB BBB+ Positive A-2 K-1 Scania (publ.) AB A- Positive A-2 K-1 Securitas AB BBB Stable A-2 K-2 Sirius International Insurance Corp., local A- Stable A-/Stable Skandinaviska Enskilda Banken AB A+ Negative A-1 SKF AB A- Stable Sparbanken 1826 BBB+ Negative A-2 K-1 Specialfastigheter Sverige AB AA+ Stable A-1+ K-1 SSAB AB BB+ Negative B Stadshypotek AB AA- Negative A-1+ K-1 Stena AB BB Stable Stockholm (City of) AAA Stable A-1+ K-1 Stockholm County Council AA+ Stable A-1+ K-1 Stockholms Kooperativa Bostadsforening AA- Stable A-1+ K-1 4
Cont. Sweden Long-term Outlook Short-term Nordic FSR Stångåstaden, AB AA- Stable A-1+ K-1 Sundsvall (Municipality of) AA+ Stable K-1 Sveriges Riksbank AAA Stable A-1+ Swedbank AB A+ Negative A-1 Swedbank Mortgage AB A+ Negative A-1 Swedbank Sjuharad AB BBB+ Negative A-2 Sweden (Kingdom of) AAA Stable A-1+ Sweden Reinsurance Co. Ltd. A+/Stable Sveriges Ångfartygs Assurans Forening (The Swedish Club) local Swedish Export Credit Corp. AA+ Stable A-1+ Swedish Match AB BBB Stable A-2 BBB+ Stable BBB+Stable Södertälje (Municipality of) AA+ Stable A-1+ K-1 Tekniska Verken i Linköping AB A Stable A-1 K-1 TeliaSonera AB A- Stable A-2 K-1 Trygg-Hansa Försäkrings AB, Publikt., local A+ Negative A+/Negative Täby (Municipality of) AAA Stable K-1 Uppsala (City of) AA+ Positive A-1+ K-1 Uppsalahem AB AA- Stable A-1+ K-1 Vattenfall AB A- Stable A-2 K-1 Verisure Holding AB B Stable Volkswagen Finans Sverige AB K-1 Volvo (publ.), AB BBB Stable A-2 K-2 Västerås (City of) AA+ Stable A-1+ K-1 Västra Götaland (Region of) AAA Stable A-1+ K-1 Örebro (Municipality of) AA+ Stable A-1+ K-1 Östersund (Municipality of) AA+ Stable A-1+ K-1 OTHERS Nordic Investment Bank AAA Stable A-1+ *= change since last ratinglist SD = Selective Default FSR = Financial Strength Rating. Previously known as Claims-Paying Ability rating (CPA) CW= CreditWatch pi= Public information NR= Not rated NM= Not meaningful 5