KommuneKredit Dec 10
Standard & Poors, December 2010
Abstract
Joint and several guarantees by all Danish municipalities and regions. Nearly perfect matching of interest rate and currency risk between assets and liabilities. Lending only to Danish LRGs provides for excellent asset quality. Robust liquidity position and good funding access. Very strong capitalization ratios. 100% sector concentration and comparably high exposure to individual borrowers and financial counterparties. Low profitability resulting from nonprofit status. The ratings on KommuneKredit reflect its important role in the local government sector of the Kingdom of Denmark (AAA/Stable/A-1+), having served as the sector's primary funding vehicle for 112 years. KommuneKredit's market share has grown to more than 90% of total local government borrowing in Denmark and close to 100% of new lending to the sector. Standard...
Companies mentioned in this report are: KommuneKredit,KBN Kommunalbanken Norway
Action: Review
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.
Research Type: Full Analysis
KommuneKredit,KBN Kommunalbanken Norway
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