Rating action concludes review for possible upgrade initiated last May. Scope also upgrades senior unsecured debt to A+ from A in line with its bank rating methodology and assigns A rating to non-preferred senior debt. Negative Outlook on all ratings.

Scope’s review will focus on execution of Danske Bank’s current measured growth strategy, its digital offering, and its risk management. The review will also assess the bank’s response to criticisms from the Danish FSA concerning its governance.

Scope’s rating action takes account of the final resolution plans announced by the Danish FSA for the country’s systemically important financial institutions (SIFIs); issuer rating unchanged at A+.

Scope Ratings cited steadily improving fundamentals as underpinning its decision to upgrade Danske Bank’s long-term ratings by one notch, and the rating of AT1 securities by two notches; all ratings have now a Stable Outlook.