LONDON (Standard&Poor's) Feb. 18, 2005--Standard&Poor's Ratings Services said today it assigned its 'AAA' senior unsecured debt rating to the Kingdom of Denmark's (AAA/Stable/A-1+) upcoming five-year Euro benchmark bond. "The ratings on Denmark reflect policymakers' longstanding commitment to fiscal discipline across the political spectrum, supporting the sovereign's fiscal flexibility," said Standard&Poor's credit analyst Remy Salters. The general government is expected to continue posting significant fiscal surpluses, equivalent to 1%-2% of GDP in the medium-to-long term. The general government burden has been halved since its peak of 81% of GDP in 1993, and it is forecast to continue declining steadily in the medium term. The sustained decline in the public-debt burden, coupled with a robust pension
