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Article: DENMARK: MOODY'S DOWNGRADES DLR KREDIT TO A3 FROM A1.
- Article from:
- IPR Strategic Business Information Database
- Article date:
- November 5, 2009
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Moody's Investors Service has today downgraded the issuer rating of DLR Kredit A/S (DLR) to A3 from A1. The preferred stock rating was downgraded to Baa2 from A3. The outlook on the ratings is negative. The rating action reflects the application of Moody's recently published new methodology for rating financial institutions that specialise in the issuance of covered bonds on behalf of an owner bank or a grouping of banks. This methodology covers DLR, which is owned by around 100 regional and local banks in Denmark, and the owner banks originate over 95% of DLR's loans, the rest being originated by a few other banks that are not shareholders. These loans are funded ...