Ratings

Danske Bank's ratings by the international credit rating agencies Moody's, S&P Global and Fitch Ratings.

Danske Bank A/S	Fitch Ratings			Moody's Investor Service			S&P Global*
Debt type	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook
Standalone rating	Viability rating			Baseline credit assessment			Standalone credit profile
	a			a3			a
Issuer Credit Rating	A	F1	Stable	A1	P-1	Positive	A	A-1	Stable
Additional Tier1 instruments	BB+						BBB-
Tier2 subordinated debt	BBB			Baa2			BBB+
Senior debt	A	F1	Stable	A1	P-1	Positive	A	A-1	Stable
Deposits	A	F1	Stable	Aa3	P-1	Stable	A	A-1	Stable
Counterparty risk rating	A (dcr)			Aa2 (cr)	P-1 (cr)		Not rated	Not rated	n/a

Danske Bank Plc	Fitch Ratings			Moody's Investor Service			S&P Global*
Debt type	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook
Standalone rating	Viability rating			Baseline credit assessment			Standalone credit profile
	n/a			a3			n/a
Group status							Core
Issuer rating	Not rated	Not rated	n/a	A1	P-1	Stable	A	A-1	Stable
Senior debt	Not rated	Not rated	n/a	A1	P-1	Positive	A	A-1	Stable
Deposits	Not rated	Not rated	n/a	Aa3	P-1	Stable	A	A-1	Stable

Realkredit Danmark A/S	Fitch Ratings			Moody's Investor Service			S&P Global*
Debt type	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook
Group status	Group rating						Core
Issuer rating	A	F1	Stable	Not rated	Not rated	n/a	Not rated	Not rated	n/a
Junior covered bonds	Not rated			Not rated			AA-

Danske Hypotek AB	Fitch Ratings			Moody's Investor Service			S&P Global*
Debt type	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook
Standalone rating	Viability rating			Baseline credit assessment			Standalone credit profile
	Not rated			Not rated			Not rated
Group status	n/a			n/a			n/a

Danica Pension A/S	Fitch Ratings			Moody's Investor Service			S&P Global*
Debt type	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook
Group status	n/a			n/a			Core
Financial Strength Rating	Not rated			Not rated			A		Stable
Subordinated debt	Not rated			Not rated			BBB+		Stable

Covered bond programs

Danske Bank A/S	Fitch Ratings			Moody's Investor Service			S&P Global*
Debt type	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook
Cover pool C	AAA		Stable	Not rated		n/a	AAA		Stable
Cover pool D	AAA		Stable	Not rated		n/a	AAA		Stable
Cover Pool I	AAA		Stable	Not rated		n/a	AAA		Stable

Realkredit Danmark A/S	Fitch Ratings			Moody's Investor Service			S&P Global*
Debt type	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook
General Capital Center	Not rated		n/a	Not rated		n/a	AAA		Stable
Capital Center S	AAA		Stable	Not rated		n/a	AAA		Stable
Capital Center T	AA+		Stable	Not rated		n/a	AAA	A-1+	Stable

Danske Hypotek AB	Fitch Ratings			Moody's Investor Service			S&P Global*
Debt type	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook
SEK covered bond program	Not rated		n/a	Not rated		n/a	AAA		Stable
EUR MTNCB	Not rated		n/a	Not rated		n/a	Not rated		n/a

Danske Bank Plc	Fitch Ratings			Moody's Investor Service			S&P Global*
Debt type	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook
EUR MTNCB	Not rated		n/a	Aaa		Stable	Not rated		n/a

* Copyright by S&P Global, a division of the McGraw-Hill Companies, Inc. Reproduced with permission of S&P Global. For more information on S&P Global ratings, products and services, visit http://www.standardandpoors.com.

n/a = Not applicable.

Our rating history

Moody's, S&P Global and Fitch each use their own rating scales, on which the highest possible ratings are AAA and Aaa. The graph shows the correspondence between the agencies' ratings.

Contacts:

Moody's

S&P Global

Fitch

Alessandro Roccati

+44 (0) 20 7772 1603

Sean Cotten

+46 (0)8 440 5928

Björn Norrman

+44 (0) 20 3530 1330

Moody's	S&P	Fitch
August 2017	June 2017	September 2017
August 2017	July 2016	August 2017
April 2017	July 2015	April 2017

Phone:	+45 45 14 64 70
Mobile:	+45 21 55 10 39
Email:	ptr@danskebank.dk

Phone:	+45 45 14 06 84
Email:	helr@danskebank.dk

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