S&P Global raises Danske Bank's SACP rating

July 8, 2016

Company Announcement No. 28/2016

S&P Global (S&P) has raised Danske Bank’s SACP (Stand-Alone Credit Profile) rating
from "a-" to "a" as a result of the improvement in Danske Bank’s capitalisation. S&P also raised the capital and earnings score from "adequate" to "strong" on the basis of expectations that Danske Bank’s capitalisation will remain strong.
Danske Bank’s general rating, the ICR (Issuer Credit Rating), is unchanged at "A" (long-term) and "A-1" (short-term) with a stable outlook.
Jacob Aarup-Andersen, CFO at Danske Bank, says: "The upgrade follows from the continuation of the positive trend in Danske Bank’s capital position and earnings and it is a recognition of the results we have achieved in recent years."
The SACP rating represents S&P’s opinion of a bank’s stand-alone creditworthiness, that is, its creditworthiness in the absence of extraordinary intervention or support. The SACP upgrade is expected to have a positive effect on Danske Bank’s funding options. The rating of Danske Bank’s Tier 2 capital is raised from "BBB" to "BBB+" and the rating of Danske Bank’s Additional Tier 1 capital is raised from "BB+" to "BBB-". As a result of the upgrade of Danske Bank’s SACP rating, the rating of Danica Pension is raised from "A-" to "A" and the rating of Danica Pension’s Tier 2 capital is raised from "BBB" to "BBB+".
Danske Bank

Claus Ingar Jensen, Head of Investor Relations, tel. +45 45 12 84 83
Kenni Leth, Group Press Officer, tel. +45 45 14 14 00

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