DBRS Rates Government-Guaranteed Debt and Deposits of Nordea Bank Danmark A/S AAA/R-1 (high)

DBRS has today assigned its AAA rating to Nordea Bank Danmark A/S’s (Nordea Denmark) Senior Unsecured Long-Term Debt & Deposits with maturities on or before 30 September 2010, as such debt instruments and deposits are within the scope of the recently-amended Danish guarantee scheme (the Scheme). Moreover, DBRS has today assigned its R-1 (high) rating to Nordea Denmark’s Short-Term Debt & Deposits with maturities on or before 30 September 2010.

DBRS has also today assigned its AAA rating to Nordea Denmark’s EUR1.5 billion Senior Euro Medium-Term Notes Issuance (ISIN XS0412327818). This debt issuance is covered under the Scheme. DBRS will rate any future debt issuance by Nordea Denmark that is guaranteed under the Danish Scheme at AAA/R-1 (high).

These rating actions reflect DBRS’s opinion as to the guarantor’s ability to honour the guarantee as determined by DBRS’s internal assessment of the sovereign, the Kingdom of Denmark – see also today’s separate DBRS press release with more detail on the Scheme. In the view of DBRS, the Danish Scheme provides an explicit, unconditional and irrevocable guarantee of timely payment for covered obligations. Under the Danish Scheme, the Kingdom of Denmark guarantees certain unsubordinated debt instruments and deposits for a period from 5 October through 30 September 2010. In addition, the Kingdom of Denmark can provide guarantees on an individual basis for certain unsubordinated debt instruments with maturities up to 31 December 2013.

All debts and deposits of Nordea Denmark that are not covered under the Scheme remain at their current appropriate levels and are based on DBRS’s assessment of the issuer. DBRS rates Senior Unsecured Long-Term Debt & Deposits with maturities after 30 September 2009 of Nordea Denmark at AA and Short-Term Debt with maturities after 30 September 2009 at R-1 (high), both with a Stable trend. These ratings are based on the credit profile of the overall Nordea Group. All ratings for other entities of the Nordea Group remain unaffected (see the rating table below).

Notes:
All figures are in euros unless otherwise noted.

The applicable methodology is Analytical Background and Methodology for European Bank Ratings, Second Edition, which can be found on our website under Methodologies.

This is a Corporate rating.