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Standard & Poor's Ratings Services Reclassifies Equity Content of Danske Bank A/S' Tier 2 Bank Hybrid Capital Instruments but Maintains Credit Ratings on Danske Bank-DJ


Tuesday, 16 Jul 2013 01:51pm EDT 

Dow Jones reported that Standard & Poor's (S&P's) Ratings Services announced that S&P's reclassification of the equity content to minimal from intermediate of Danske Bank's USD1 billion subordinated, fixed-rate resettable notes due 2037 (A-/Positive/A-2) does not affect S&P's view of the Bank's capital and earnings, stand-alone credit profile, or issuer credit ratings. The rating agency reclassified the equity content of the note following publication of "Assigning "Intermediate" Equity Content To "Tier 2" Bank Hybrid Capital Instruments," on July 16, 2013. Under the methodology, S&P no longer classify instruments that only qualify for inclusion in regulatory Tier 2 capital, as is the case for the notes mentioned above, as having "intermediate" equity content, unless they have characteristics of going-concern contingent capital securities. S&P's will no longer include it in its calculation of the Bank's risk-adjusted capital (RAC) ratio before diversification adjustments. The agency estimates that reclassification has lowered the Bank's RAC ratio by about 40 basis points. However, S&P's assessment of the Bank's capital and earnings remains "adequate," which is commensurate with S&P's assumption that the Bank's RAC ratio will remain in the 8.5%-9% range in the coming 18-24 months. 

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