Research Update: Danske Bank A/S Downgraded To 'A+/A-1' On Domestic And Irish Asset Quality Concerns; Outlook Negative Feb 09

Standard & Poors, February 2009

Abstract
On Feb. 5, 2009, Standard & Poor's Ratings Services lowered its long-term counterparty credit ratings on Denmark-based Danske Bank A/S to 'A+' from 'AA-' and its short-term counterparty credit ratings to 'A-1' from 'A-1+'. At the same time, the long-term counterparty credit and insurer financial strength ratings on Danske Bank's core subsidiary, life insurer Danica Pension, Livsforsikringsaktieselskab (Danica), were lowered to 'A+' from 'AA-'. As a core subsidiary, the ratings on Danica move in line with those on Danske Bank. The outlook on both entities is negative. The downgrades reflect our expectation that the bank's asset quality will continue to be dramatically affected by the slowdown in the Danish economy as well as the fall in housing prices that is...

Companies mentioned in this report are:
- Danske Bank A/S
- Danske Corp., Delaware
- Danske Bank PLC
- Danica Pension Livsforsikringsaktieselskab
- Realkredit Danmark A/S

Action: Downgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- Danske Bank A/S
- Danske Corp., Delaware
- Danske Bank PLC
- Danica Pension Livsforsikringsaktieselskab
- Realkredit Danmark A/S

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