July 13, 2018 / 1:13 PM / 8 months ago

Estonia money laundering scandal could hurt Danske Bank's credit rating -S&P

COPENHAGEN, July 13 (Reuters) - Danske Bank’s credit rating could suffer from allegations of money laundering at the bank’s Estonian branch, the S&P credit rating agency said on Friday.

“Although unlikely, we could revise the outlook to negative or even lower the issuer credit rating if Danske Bank comes under significant market pressure,” the rating agency said in an emailed statement.

“This could result from continued charges with regards to the AML (anti-money laundering) investigation, a drop in market confidence, or unexpected events that weaken its credit profile,” it said.

S&P said it reaffirmed its positive ‘A/A-1’ rating outlook for Danske Bank.

Danske Bank has admitted to flaws in its anti money-laundering controls in Estonia and launched its own investigation into the case. It is due to present its own findings in September but Denmark’s business minister has said the bank’s own investigation might not be enough.

Reporting by Jacob Gronholt-Pedersen; Editing by Susan Fenton

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