Fitch affirms SEB Bank

Fitch Ratings said it affirmed AB SEB Bank's long-term issuer default rating at A, short-term issuer default rating at F1.

The outlook is negative.

The ratings are based on the high potential support that the bank can expect to receive from its parent, Skandinaviska Enskilda Banken, which is rated A+ with stable outlook. As SEB Bank's long-term issuer default rating is currently at the country ceiling, the negative outlook reflects that for the Lithuanian sovereign, the agency said.

The ratings also reflect the difficult operating environment, significant asset quality deterioration and credit losses, which have eroded capital, Fitch said.

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