Standard & Poor's downgrades Jyske Bank from A+ to A, but maintains the short-term rating of A-1.

Standard & Poor's downgrades Jyske Bank from A+ to A, but maintains the
short-term rating of A-1. 

On the basis of the negative economic development in Denmark and its impact on
Jyske Bank as well as the Danish banking sector in general, Standard & Poor's
has downgraded Jyske Bank's long-term rating from A+ to A. The short-term
rating remains unchanged at A-1. 

S&P emphasises the following reasons for the downgrade:

-	the rating agency anticipates a very sluggish economic development in Denmark
in 2009 and 2010; 
-	the rating agency assesses that this development will weaken Jyske Bank's
earnings in the coming years, among other things, due to the higher losses/loan
impairment charges. 

S&P recognises Jyske Bank's solid capitalisation at end-2008 which is a
supporting factor for the  rating of the Bank. 

The new long-term rating reflects continued great financial strength for Jyske
Bank. The rating level corresponds to the ratings of the Bank in mid-2007 when
Jyske Bank was upgraded.