Subordinated Debt Of Several European Banks Downgraded On EC Draft Resolution Framework; Other Debt Ratings Unaffected Jul 12

Standard & Poors, July 2012

Abstract
The European Commission has proposed a framework for a bank recovery and resolution regime, which in our view reduces the likelihood that subordinated debt will benefit from government support to negligible. We are consequently removing any uplift for potential government support from our issue ratings on subordinated instruments to reflect the banks' stand-alone credit profiles only. We are therefore lowering our ratings, by one or more notches, on nondeferrable subordinated debt issued by banks in several European countries. FRANKFURT (Standard & Poor's) July 24, 2012--Standard & Poor's Ratings Services said today that it had lowered its issue ratings on nondeferrable subordinated debt issued by banks in several European countries. These rating actions reflect our reading of the European Commission's (EC's)...

Action: Downgraded

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Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Banque et Caisse d'Epargne de l'Etat, Luxembourg
- Swedish Export Credit Corp.
- Nordea Bank Norge ASA
- Danske Bank A/S
- Danske Bank PLC
- Skandinaviska Enskilda Banken AB (publ)
- Swedbank AB
- Nordea Bank Finland PLC
- Pohjola Bank PLC
- Svenska Handelsbanken AB
- DNB Bank ASA
- UniCredit Bank Austria AG
- SBAB Bank AB
- Raiffeisen Zentralbank Oesterreich AG
- Nordea Bank Danmark A/S
- Landshypotek AB
- Erste Group Bank AG
- HYPO NOE Gruppe Bank AG
- Oberoesterreichische Landesbank AG
- Nordea Bank AB
- Raiffeisenbank ZAO
- Raiffeisen Bank International AG

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