The Positive Outlook reflects the improvements in governance and risk management embedded now as key element of the group’s culture, as the closure of the corporate probation period under ad-hoc regulatory oversight is approaching.

The rating reflects the bank’s broadly diversified business model, strong franchise in very resilient Nordic economies and sound financial metrics.

In the context of Scope Ratings’ strategy of focussing on the needs of institutional investors, Scope will offer its unsolicited bank and covered bond credit ratings on a subscription basis only via its credit intelligence platform.

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.

Rating upgrade reflects Scope’s view of these banks’ reassuring liquidity dynamics, positively impacted by European supervisors’ enhanced focus on bank liquidity and funding.

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.

Ratings apply to existing commercial paper and certificate of deposit programmes; these banks already carry short-term ratings from Scope. Aggregate amount of rated programmes is equivalent to over EUR 820bn.