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