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Rating Action:

Moody's withdraws Roskilde Bank's ratings

14 Oct 2008
Moody's withdraws Roskilde Bank's ratings

London, 14 October 2008 -- Moody's Investors Service has today withdrawn for business reasons all ratings of Roskilde Bank A/S whose name was changed to Selskabet af 1. september 2008 A/S on 6 October 2008. Please refer to moodys.com for information on Moody's Ratings Withdrawal Policy.

"The rating withdrawal of the E Bank Financial Strength Rating (BFSR) and the A3/Prime-1 debt and deposit ratings follows the announcement by the Danish FSA (Finanstilsynet) that it has withdrawn the bank's permission to operate as a bank," says Eeva Antila, Moody's analyst for Roskilde Bank. Consequently, the entity has relinquished its banking licence and will no longer perform any banking-related operations. This follows the sale of the entity's assets and other liabilities, except hybrid core capital (preferred stock) and subordinated debt to a new bank owned by the Danish Central Bank and the Danish financial sector (Private Contingency Association), which was approved by the Danish FSA on 6 October 2008. The outstanding floating-rate note of EUR750 million issued under the EMTN programme has been transferred to the new bank (not rated) and therefore the A3 rating on the note is also withdrawn.

As regards subordinated debt and preferred stock ratings, Moody's maintains its view that it is highly likely that the holders of these instruments will experience a substantial loss. Subordinated debt and preferred stock are expected to remain in the old entity with significant negative equity. More specifically, the subordinated debt and preferred stock holders may receive compensation only after the Danish Central Bank and Private Contingency Association have received their interest on the capital base in the new bank in connection with the termination of their ownership -- while the remaining profit, if any, will be transferred to the old entity and distributed to the subordinated debt and preferred stock holders. The rating agency also notes that payments on these instruments are expected to be suspended by the District Court in Roskilde.

The previous rating action on Roskilde Bank was Moody's downgrade of the bank's BFSR, subordinated and preferred stock ratings on 25 August 2008 following the announcement that, through a newly created bank, the Central Bank together with the Private Contingency Association acquires all assets, debt and other liabilities of Roskilde Bank except subordinated debt and hybrid core capital. The bank deposit and senior debt ratings were confirmed.

The following ratings of Roskilde Bank A/S (Selskabet af 1. september 2008 A/S since 6 October 2008) were withdrawn:

- E bank financial strength rating

- A3 local and foreign currency long-term deposit ratings

- Prime-1 local and foreign currency short-term deposit ratings

- A3 senior unsecured debt rating

- Prime-1 other short-term ratings

- Prime-1 commercial paper rating

- C subordinated debt rating

- C preferred stock rating

Headquartered in Roskilde, Denmark, Roskilde Bank A/S had total assets of DKK37 billion (EUR5 billion) as at the end of June 2008.

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

London
Eeva Antila
Analyst
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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