MOSCOW, May 29 - Moody's Investors Service has downgraded the long-term local currency deposit ratings of Swedbank OJSC and Swedbank Invest (Swedbank OJSC's fully consolidated subsidiary) and the local currency debt rating of Swedbank Invest to B1 from Ba2.

The bank financial strength ratings (BFSRs) of Swedbank OJSC and Swedbank Invest were downgraded to E from E+ which maps to a Caa1 Baseline Credit Assessment (BCA). The banks' B3 long-term foreign currency deposit ratings (negative outlook), which are constrained by the sovereign ceiling, and the Non-Prime short-term ratings were affirmed.