LONDON (Standard&Poor's) Aug. 26, 2004--Standard&Poor's Ratings Services said today it affirmed its 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on the Kingdom of Denmark, reflecting the country's strong track record of macroeconomic stability, underpinned by prudent fiscal management and structural reforms. The outlook is stable. "The ratings on Denmark reflect that policymakers' longstanding commitment to fiscal discipline remains robust, supporting the sovereign's substantial fiscal flexibility," said Standard&Poor's credit analyst Remy Salters. "Furthermore, the sustained decline in the public debt burden, coupled with a robust pension system and efforts to boost labor market participation, is expected to provide sufficient fiscal flexibility to meet the challenge of an aging population." The general government is expected
