Danske bank sees it credit rating downgraded

Wednesday, 30 May 2012
Standard & Poor's has lowered the credit rating of Danish banking giant Danske Bank's long-term credit by one level to A- (A minus) from A and the the view of the score has been adjusted upwards from negative to stable.

According to the press release which carried the news, the downgrade is motivated by the S & P expectation that that Danske Bank will continue to be weighed down by losses in its Irish operations, in the wake of the continued weak real estate market in the country. S & P added that the bank faces continued challenges in some sectors in Denmark.

According to Danske Bank's chief financial officer, Henrik Ramlau-Hansen, the S & P's decision to downgrade is unexpected in light that loan losses in Ireland and Denmark actually declined in the first quarter, compared with the fourth quarter of last year.

"Our obvious goal is to regain our former credit as soon as possible through the measures we have already implemented and what we will do going forward, "continued the Chief Financial Officer.
By Scancomark.se Team

What do you think about this article or us? Please leave a comment. Thank you!