S&P gives Danica Pension notes BBB

Standard & Poor's said it assigned its BBB long-term issue rating to the proposed €500 million subordinated callable notes due in 2045 to be issued by Danica Pension Livsforsikringsaktieselskab (A-/stable/--).

Danica Pension's life and pensions operation is one of the five main business lines at Danske Bank, and we consider Danica core to Danske Bank A/S (A/stable/A-1). The agency rates Danica Pension at the level of its a- unsupported group credit profile for Danske Bank because it believes that, as an insurance subsidiary of Danske Bank, Danica Pension would not benefit from additional loss-absorbing capacity at the bank.

According to the hybrid capital criteria, the rating on the proposed notes is two notches below Danica Pension’s A- long-term issuer credit rating.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.