S&P moves Samhallsbyggnadsbolaget on watch

S&P said it placed all its ratings for Samhallsbyggnadsbolaget i Norden, or SSB, on CreditWatch with negative implications.

Authorities detained SSB’s CEO on alleged insider trading on Tuesday, released him on Wednesday and he returned to his role as CEO.

“At this stage, we do not have any additional information about the accusations or the implications for SBB. However, we believe that this creates uncertainties regarding SBB's management and operations,” S&P said in a press release.

S&P said it believes the company has good governance procedures with five out of the seven of the board members being independent.

“At this stage, we do not anticipate material operational disruption in the short term, considering the resilient nature of the underlying business,” S&P said.

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