Swedish bank CFO slams Moody’s expertise

In the latest round of different opinions between Nordic banks and ratings agency Moody’s, Swedbank’s (OMX: SWED A) CFO Goran Bronner told Bloomberg representative that Swedish banks should not pay too much attention on Moody’s investors service because its analysis is outdated and backward looking. Danske Bank and other Danish banks have previously ditched the agency as it has given local banks far worse rating than its peers S&P and Fitch.

Denmark is also working to lessen the impact that credit ratings from the three firms may have as per rules against investing in institutions rated lower than some threshold as an example and to also impose sanctions on the credit agencies if they are round to be in violation of rules. Reuters was informed that Swedbank thinks it will maintain its current A2 credit rating but that Moody’s may downgrade other Swedish banks as it finishes its current round of investigation looking into over a hundred European financial firms. Bronner said that since the downgrades came to discussions, credit spreads have actually tightened instead.