Copenhagen: Moody’s Investors Service has downgraded that nine Danish banks’ ratings, saying the financial institutions are suffering from “a weak operating environment, pressurized asset quality and poor profitability.”
The rating agency said it had become harder to refinance debt and loan books have deteriorated. Denmark’s largest bank, Danske Bank A/S, is also among the nine banks.
Danske Bank’s deposit rating was cut two steps to Baa1 from A2, after Standard & Poor’s earlier yesterday cut the Copenhagen-based bank’s long-term rating to A- from A, Bloomberg reported.
The bank, according to the website, said it “does not understand Moody’s very negative view” of the county’s financial institutions, questioning the reasoning for S&P’s assessment.
“We have had a close dialog with Moody’s in recent months,” Henrik Ramlau-Hansen, Danske’s chief financial officer, said. “We are certain that Moody’s has heard our arguments, but we do not think they are reflected in the rating the bank has received.”
Other banks include: Jyske Bank A/S, ydbank A/S (SYDB), Spar Nord Bank A/S (SPNO), Ringkjoebing Landbobank A/S (RILBA), Nykredit Realkredit A/S and Nykredit Bank A/S.
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