On February 5, 2009, the rating agency Standard & Poor’s downgraded the Danske Bank Group’s counterparty credit risk to A+ from AA-. On February 6, Fitch Ratings made a similar adjustment.The Groups’ ratings remain high
The downgrades were expected and reflect the prospects of the Danish and the Irish economies. Danske Bank’s ratings remain high compared with other Danish banks’, however. Among the large Nordic banks, the Group holds a middle position.Limited impact on funding costs
The rating changes will not have any material consequences for the Danske Bank Group’s funding costs. The Group participates in the Danish bank and credit packages which limit the impact of individual banks’ ratings on the access to funding and on the funding costs. The loans issued by the Group are guaranteed by the Danish State which has an AAA credit rating.
Published on February 6, 2009