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Announcement:

Moody's reports: Stable outlook for Danish banks/mortgage lenders

05 Dec 2007
Moody's reports: Stable outlook for Danish banks/mortgage lenders

London, 05 December 2007 -- The credit outlook for Denmark's rated banks and mortgage institutions remains stable, reflecting their strong domestic franchises, limited risk appetites and good financial fundamentals, says Moody's Investors Service in its new Banking System Outlook for Denmark. Key challenges include an increasing level of competition from both Danish entities and players from other Nordic countries, which is continuing to exert pressure on interest margins. In addition, profitability for both banks and mortgage lenders is stable but remains low by European standards.

"The market turmoil in mid-2007 has so far had limited impact on the Danish banks, as only larger banks with well-diversified earnings have had direct or indirect exposure to the sub-prime market. In terms of liquidity, the Danish mortgage market has so far been functioning helping both nationwide banks and regional banks funding mortgage loans. However some of the regional banks continue to have a relatively high reliance on interbank funding despite the banks focus on longer maturities " says Janne Thomsen, a Moody's Senior Vice President and author of the report. The rated Danish financial institutions continue to display solid financial fundamentals on the back of increased activity levels that to a certain extent mitigate not only the pressure on margins that derives from the fierce competition but also the effect of negative market revaluations of bond portfolios and continued write-backs of previously made provisions. Although Moody's does not anticipate any dramatic change in the financial institutions' earning patterns over the next few years, it believes the banks will be challenged to sustain their low cost levels.

The banks are attracting a considerable volume of customers with new products that mix mortgage loans and more traditional banking products. Margins on these products are lower than on normal bank loans and Moody's thus expects margin pressure to continue. In addition, re-mortgage activities have fallen from their historic high levels. "the newly implemented changes to the regulations for covered bonds allowing banks to issue covered bonds and thereby give them a competitive advantage over the mortgage banks could potentially result in an easing of the margin pressure," notes Janne Thomsen.

In Moody's judgment, the probability that the Danish authorities would support each of the rated deposit-taking banks in a period of financial distress ranges from moderate to very high given their strong national or regional presence. As a result, each of the banks receives either a one-notch or a two-notch uplift for its debt/deposit ratings from its respective baseline credit assessment.

* * * * *

NOTE TO JOURNALISTS ONLY: For a copy of these reports, please contact EMEA Press Information in London +44-20-7772-5456; New York Press Information +1-212-553-0376; Juan Pablo Soriano in Madrid +34-91-310-1454; Alex Cataldo in Milan +39-02-914-81-100; Eric de Bodard in Paris +331-5330-1076; Detlef Scholz in Frankfurt +49-69-707-30-700; Mardig Haladjian in Limassol +357-25-586-586; Alex Sazhin in Moscow +7495-641-1881; Petr Vins in Prague +4202 2422 2929; Tokyo Press Information +813-5408-4110; Hilary Parkes in Toronto +1-416-214-1635; Hong Kong Press Information +852-2916-1150; Sophie Davidson in Sydney +612 9270 8185; Luiz Tess in São Paulo +5511-3043-7300; Alberto Jones Tamayo in Mexico City +5255-1253-5700; Daniel Rúas in Buenos Aires +54 11-4816-2332 ext. 105; Craig Jamieson in Johannesburg +27-11-217-5470; Philipp Lotter in Dubai +971 4 365 0284; or visit our web site at www.moodys.com

London
Adel Satel
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Janne Thomsen
Senior Vice President
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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