S&P rates Danske Bank notes A-

S&P said it assigned its A- long-term issue rating to the proposed senior nonpreferred notes to be issued by Danske Bank A/S (A/positive/A-1).

The agency said the rating relies on an analysis of the terms and conditions of the base prospectus for the €35 billion euro medium-term note program under which the notes will be issued.

S&P said the rating also takes into account an assessment of Danske Bank's stand-alone credit profile at a, which is based on an analysis of the group.

The agency said the rating is one notch lower than the stand-alone credit profile assessment, reflecting the deduction of one notch for subordination risk, given that Danske Bank's stand-alone credit profile is in the investment-grade category.

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