Nordic & Baltic Ratings Issuer Long-term Outlook Short-term Nordic FSR DENMARK rating rating short-term rating Angel Lux Common S.A. BB Watch Pos BRFKredit A/S A- Stable A-2 Codan Forsikrings A/S, local currency A+ Stable A+/Stable Copenhagen Airports A/S BBB- Negative Danske Bank A/S A Negative A-1 K-1 Denmark, Kingdom of AAA Stable A-1+ DONG Energy A/S A- Stable A-2 Energinet.dk SOV AA Stable A-1+ K-1 Europaeiske Rejseforsikring A/S, local currency BBBpi BBBpi GF-Forsikring A/S, local currency BBBpi BBBpi ISS A/S BB- Stable ISS World Services A/S BB- Stable B Jyske Bank A/S A- Stable A-2 K-1 Kopstaedernes Forsikring, local currency BBBpi BBBpi KommuneKredit AAA Stable A-1+ Laererstandens Brandforsikring G/S BBBpi BBBpi Nordea Bank Denmark A/S AA- Stable 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 Sparbanken 1826 BBB Stable A-2 Sygeforsikringen Danmark, local currency BBBpi BBBpi TDC A/S BBB Positive A-2 Tryg Forsikring A/S A- Stable A- Tryg Garantiforsikring A/S, local currency A- Stable A-/Stable Welltec A/S BB- Stable ESTONIA Eesti Energia AS BBB+ Stable Estonia, Republic of AA- Neg A-1+ FINLAND Alands Omsesidiga Forsakringsbolag, local currency BBpi BBBpi Dynea International Oy B Stable Elisa Corp. BBB Stable A-2 Fennia Mutual Insurance Co. BBBpi BBBpi Finland, Republic of AAA Neg A-1+ 1
Cont. FINLAND Long-term Outlook Short-term Nordic FSR Fingrid Oyj AA- Neg A-1+ K-1 Forsakringsaktiebolaget Alandia BBBpi BBBpi Fortum Oyj A Neg A-1 K-1 If P&C Insurance Co. Ltd. A Stable Keskinainen Vakuutusyhtio Turva, local currency BBpi BBpi Lahivakuutus Keskinainen Yhtio BBBpi BBBpi Metso Corp. BBB Positive A-2 M-real Corp. B- Stable B Municipality Finance Plc. AAA Neg A-1+ Municipal Guarantee Board AAA Neg A-1+ Nokia Corporation BB+ Negative B Nordea Bank Finland PLC AA- Stable A-1+ Pohjantahti Keskinainen Vakuutusyhtio Bpi Bpi Pohjola Bank PLC AA- Stable A-1+ Pohjola Non-Life insurance Co. Ltd. AA- Stable Redarnas Omsesidiga Forsakringsbolag, local currency BBBpi Sampo Bank Plc A Negative A-1 BBBpi Stora Enso Oyj BB Stable B K-4 TeliaSonera Finland Oyj A- Stable A-2 UPM-Kymmene Corporation BB Stable B ICELAND Ibudalanasjodur (Housing Financing Fund) BB Stable B Iceland, Republic of BBB- Stable A-3 Landsvirkjun BB Stable B Tryggingamidstodin hf. BB+ Stable LATVIA Latvia, Republic of BBB+- Stable A-3 Riga, City of BB+ Stable B LITHUANIA Bite Finance International B.V B- Stable Lithuania, Republic of BBB Stable A-3 UAB Bite Lietuva B- Stable AB Ukio Bankas B Stable B NORWAY Assuranceforeningen Gard - gjensidig - A Positive A/Positive Assuranceforeningen SKULD Gjensidig- A- Positive A-/Positive DnB NOR Bank ASA A+ Stable A-1 Eksportfinans ASA BB+ Negative B Fjellinjen AS AA- Stable A-1+ Gjensidige A Stable A/Stable 2
Cont. Norway Long-term Outlook Short-term Nordic FSR KBN Kommunalbanken Norway AAA Stable A-1+ Kommunal Landspensjonskasse (local currency) A- Stable A-/Stable Nordea Bank Norge ASA AA- Stable A-1+ Norges Statsbaner AS AA- Stable A-1+ Norsk Hydro ASA BBB Stable A-2 Norske Skogindustrier ASA B- Stable B Norway, Kingdom of AAA Stable A-1+ Norwegian Hull Club (local currency) 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 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., local currency rtg A-pi A-pi Akademiska Hus AB AA Stable A-1+ K-1 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 AZ Chem Sweden Holdings AB B Stable Borås City of AA+ Stable A-1+ K-1 Electrolux, AB BBB+ Stable A-2 K-1 E.ON Sverige AB A Negative A-1 K-1 Ericsson, Telefonaktiebolaget L.M. BBB+ Stable A-2 K-1 Ericsson Treasury Services AB K-1 European Ins. Co. Ltd (The), local currency BBBpi BBBpi Dometic Holding AB B Negative B Fastighets AB Forvaltaren AA- Stable A-1+ K-1 Frostbite 1 AB B Stable B Förvaltnings AB Framtiden AA- Stable A-1+ K-1 Fysikhuset Stockholm KB AAA Gard Marine & Energy Forsakring AB A Positive A/Positive General Mortgage Bank of Sweden (Sveriges Allmanna Hypoteksbank) A Stable Göteborg (City of) AA+ Stable A-1+ K-1 3
Cont. Sweden Long-term Outlook Short-term Nordic FSR Handelsbanken, Svenska AA- Stable A-1+ Helsingborg (City of) AAA Stable A-1+ K-1 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 Stable 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 (publ) A- Stable Länsförsäkringar Sak Försäkrings AB (publ) 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+ Negative A-1 K-1 Nobina AB CCC+ Negative Nobina Europe Holding AB B- Negative Nordea Bank AB AA- Stable A-1+ K-1 Norcell Sweden Holding2 AB (Com Hem) B Stable Nordea Hypotek AB A-1+ Norrköping (Municipality of) AA+ Stable A-1+ K-1 Octapharma Nordic AB BB+ Stable OMX AB BBB+ Stable A-2 K-1 PRI Pensionsgaranti A Stable A/Stable Sandvik AB BBB+ Stable A-2 K-1 SAS AB B- Negative SBAB, Sveriges Bostadsfinansierings AB (Swedish National Housing Finance Corp.) A+ Negative A-1 K-1 SCA, Svenska Cellulosa AB BBB+ Stable A-2 K-1 Scania (publ.) AB A- Stable A-2 K-1 Securitas AB BBB+ Negative A-2 K-1 Sirius International Insurance Corp., local currency rating Skandinaviska Enskilda Banken AB A+ Stable A-1 SKF AB A- Stable A- Stable A-/Stable Sparbanken 1826 BBB+ Stable A-2 K-1 Specialfastigheter Sverige AB AA+ Stable A-1+ K-1 SSAB AB BB+ Negative B Stadshypotek AB AA- Stable A-1+ K-1 Stena AB BB+ Negative Stockholm (City of) AAA Stable A-1+ K-1 Stockholm County Council AA+ Stable A-1+ K-1 4
Cont. Sweden Long-term Outlook Short-term Nordic FSR Stora Kopparbergs Bergslags AB BB Stable B Stångåstaden, AB AA- Stable A-1+ K-1 Sundsvall (Municipality of) AA+ Stable K-1 Sveriges Bostadsfinansieringsaktiebolag, SBAB (publ) A+ Stable A-1 K-1 Sveriges Riksbank AAA Stable A-1+ Swedbank AB A+ Stable A-1 Swedbank Mortgage AB A+ Stable A-1 Sweden (Kingdom of) AAA Stable A-1+ Sweden Reinsurance Co. Ltd. A Positive A/Stable Sveriges Ångfartygs Assurans Forening (The Swedish Club) Swedish Export Credit Corp. AA+ Stable A-1+ Swedish Match AB BBB Stable A-2 BBB Positive BBB/Positive 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 currency rating A+ Stable A/Positive 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 OTHERS Nordic Investment Bank AAA Stable A-1+ SD = Selective Default FSR = Financial Strength Rating. Previously known as Claims-Paying Ability rating (CPA) CW= CreditWatch pi= Public information NR=Not rated * = Latest rating change 5