Research Update: Danish Mortgage Bank DLR Kredit A/S Assigned 'BBB+/A-2' Ratings. Table Of Contents

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1 May 31, 2012 Research Update: Danish Mortgage Bank DLR Kredit A/S Assigned 'BBB+/A-2' Ratings Primary Credit Analyst: Per Tornqvist, Stockholm (46) Secondary Contact: Sean Cotten, Stockholm (46) Table Of Contents Overview Rating Action Rationale Outlook Ratings Score Snapshot Related Criteria And Research Ratings List 1

2 Research Update: Danish Mortgage Bank DLR Kredit A/S Assigned 'BBB+/A-2' Ratings Overview DLR Kredit A/S (DLR) is a Danish mortgage bank and specialized mortgage lender. In our view, DLR has an adequate business position, adequate capital and earnings, a moderate risk position, average funding, and adequate liquidity reflecting a stand-alone credit profile (SACP) of 'bbb'. We consider DLR to have moderate systemic importance in Denmark, which provides a one-notch rating uplift above the SACP. We are assigning our 'BBB+' long-term counterparty credit rating and our 'A-2' short-term counterparty credit rating to DLR. The stable outlook reflects our view that DLR will remain a specialized product provider to its owners, the local and regional banks in Denmark. Furthermore, we anticipate that DLR will receive equity injections in 2012, in accordance with a plan agreed in Rating Action On May 31, 2012, Standard & Poor's Ratings Services assigned its 'BBB+/A-2' long- and short-term credit counterparty ratings to Danish mortgage bank and specialized agriculture lender DLR Kredit A/S (DLR). The outlook is stable. Rationale We believe DLR has an "adequate" business position, "adequate" capital and earnings, a "moderate" risk position, "average" funding, and "adequate" liquidity, as our criteria define these terms. We consider DLR to have "moderate" systemic importance, which provides a one-notch uplift to the stand-alone credit profile (SACP) of 'bbb'. Our bank criteria use our Bank Industry Country Risk Assessment's economic risk and industry risk scores to determine a bank's anchor, the starting point in assigning an issuer credit rating. Our anchor for a commercial bank operating only in Denmark is 'bbb+', based on an economic risk score of '3' and an industry risk score of '3'. We view Denmark as a politically stable, wealthy, and high-income country, which has suffered since the global financial market crisis. Consequently, we expect economic growth to be weak over the short to medium term. However, this is balanced by fiscal policy flexibility and Denmark's sizable current account surpluses for more than a decade, which we anticipate will continue. Standard & Poors RatingsDirect on the Global Credit Portal May 31,

3 Research Update: Danish Mortgage Bank DLR Kredit A/S Assigned 'BBB+/A-2' Ratings We believe the fallout from the crisis will lead to increased consolidation in Denmark's banking industry, and that further bank failures are possible. The industry shows a relatively low share of core customer deposits. It also has a fairly high share of net external funding, which however relates to considerable cross-border activity. These higher risk characteristics are partly offset by a well-developed domestic bond market that remained open and functioning throughout the market turmoil. We consider DLR's business position to be "adequate" because of its well-established position as a specialized product provider to its owners, Denmark's local and regional banks. DLR has a solid position in lending to the agriculture sector, a 30% market share of mortgage lending, and assets totaling Danish krone (DKK) 143 billion ( billion at DKK7.44 to 1) on March 31, The 90 local and regional banks originate business and take primary responsibility for the distribution and servicing of loans. This setup supports business stability and somewhat mitigates DLR's limited business diversity compared with peers. We assess DLR's capital and earnings to be "adequate" and anticipate a gradual improvement of its capitalization through retained earnings and new equity, namely rights issues in December 2011 and in The bank's risk-adjusted capital (RAC) ratio as of Sept. 30, 2011, was 8.3%. We forecast that DLR will achieve capitalization consistent with the upper part of our "adequate" range (7%-10%) by The three-year average earnings buffer is a low two basis points, due to the low-margin nature of DLR's business and our assumption of normalized losses of DKK560 million annually, which is quite high relative to DLR's loss experience in DLR's risk position is "moderate", in our view, reflecting its exposure concentration in the agricultural sector. The Danish agriculture industry is laboring under a substantial buildup in leverage before the financial market crisis started in This structural weakness will remain a rating constraint over the coming years. However, DLR's increased risk diversification and significantly improved collateral position since broadening its scope in 2000 has helped contain its losses relative to those posted in or DLR's asset quality has exceeded the industry average over the past three years. It holds the right of first refusal on all loans and is not obliged to accept loans originated by its owners. In addition, DLR has an arrangement with originating banks that may mitigate some of the potential credit losses. We regard DLR's funding as "average" and its liquidity as "adequate", based on its access to the Danish covered bond market. One strength specific to the Danish mortgage bond legislation is its regulation limiting liquidity mismatches. The strong predominance of domestic investors was an important factor creating stability in the Danish market over the period and we anticipate this will remain an important structural strength in the Danish market over the medium term. Liquidity is appropriate for the business DLR conducts. 3

4 Research Update: Danish Mortgage Bank DLR Kredit A/S Assigned 'BBB+/A-2' Ratings We consider DLR to have "moderate" systemic importance as a consequence of its size in the Danish covered bond market and its importance as a supplier to the agriculture industry, which in turn represents about 20% of Danish exports. Outlook The stable outlook reflects Standard & Poor's expectation that DLR will remain a product provider to its owner banks with respect to lending to agriculture, cooperative housing, residential rental property, and commercial real estate. Its business volume is expected to grow below trend for the coming three-year period, but revenue generation will be kept up by gradually increasing margins. Credit losses will likely be higher than in , but still remain below average for the Danish banking system on a relative basis. The outlook could be revised to positive or the rating raised: If capitalization is increased to above 10% according to our RAC framework and it can be made credible that this is a sustainable change. The outlook could be revised to negative or the rating lowered: If the Danish agriculture sector financial performance deteriorated, which would in turn trigger a material increase in credit losses that are at or close to Standard & Poor's normalized loss levels, for more than 12 months. If other sectors in the Danish economy experienced a weaker financial performance, leading to a similar impact on DLR's performance. If the company experienced material deterioration in its ability to refinance its existing loan portfolio. Ratings Score Snapshot Issuer Credit Rating BBB+/stable/A-2 SACP bbb Anchor bbb+ Business Position Adequate (0) Capital and Earnings Adequate (0) Risk Position Moderate (-1) Funding Average (0) Liquidity Adequate (0) Support +1 GRE Support 0 Group Support 0 Sovereign Support +1 Additional Factors 0 Standard & Poors RatingsDirect on the Global Credit Portal May 31,

5 Research Update: Danish Mortgage Bank DLR Kredit A/S Assigned 'BBB+/A-2' Ratings Related Criteria And Research All articles listed below are available on RatingsDirect on the Global Credit Portal, unless otherwise stated. Banks: Rating Methodology And Assumptions, Nov. 9, 2011 Group Rating Methodology And Assumptions, Nov. 9, 2011 Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011 Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011 Bank Capital Methodology And Assumptions, Dec. 6, 2010 Ratings List New Rating DLR Kredit A/S Issuer Credit Rating BBB+/stable/A-2 Additional Contact: Financial Institutions Ratings Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at All ratings affected by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left column. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) ; London Press Office (44) ; Paris (33) ; Frankfurt (49) ; Stockholm (46) ; or Moscow 7 (495)

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