COPENHAGEN, May 30 (Reuters) - Moody’s rating agency downgraded its ratings of Denmark’s biggest financial institution, Danske Bank, and four other Danish banks on Wednesday, citing a difficult operating environment and reliance on market funding.
Moody’s cut Danske Bank’s long-term rating two notches, to Baa1 from A2, with a stable outlook - still within investment grade.
Moody’s cut came the same day that Standard & Poor’s lowered Danske Bank one notch to A-minus/A-2 from A/A-1.
Moody’s also lowered the credit ratings of Jyske Bank , Sydbank, Spar Nord Bank and Ringkjobing Landbobank. (Reporting by John Acher)