Standard & Poor's Rating Services has raised its long-term counterparty credit
rating on Jyske Bank to A+, from A with 'positive outlook'. The outlook for
Jyske Bank is stable. See table below.
Ratings As from 4th June 2007 Previously
Counterparts credit ratings A+/Stable/A-1 A/Positive/A-1
Bank deposits A+/A-1 A/A-1
Senior unsecured debt A+ A
Commercial Paper A-1 A-1
Subordinated debt (Tier I and II) A- BBB+
The ratings action by Standard & Poor's cites the following factors (amongst
others):
1) Jyske Banks has a strong risk management framework, which plays a central
and proactive role in the overall management of the bank. There is emphasis on
the use of economic capital as the primary risk management criteria at all
levels and in all segments of Jyske Bank.
2) Jyske Bank has a strong franchise in Danish retail and commercial banking,
with a consistent strategic focus on organic growth and long-term performance.
3) The strong level of capitalisation of Jyske Bank
Following the upgrade the CEO, Anders Dam has stated:
"I am pleased and very proud of the new ratings from S&P. I see the change as a
recognition of our focused and conservative strategy. Furthermore I see the
action from S&P as a pay-off from our solid work on de-veloping risk management
systems during the latest 5 years. It is my hope that this work will result in
the approval by the ‘Finanstilsynet' (the Danish Financial Supervisory
Authority) of Jyske Bank as an advanced IRB bank, during the autumn of 2007.
I expect that the new higher ratings on debt issued by Jyske Bank will further
enhance the terms under which we will raise finance, and improve our access to
the capital markets”.
Kind regards
Niels Erik Jakobsen Steen Nygaard
Director Head of Treasury Division
