LONDON (Standard&Poor's) Oct. 4, 2011--Standard&Poor's Ratings Services today affirmed its 'AAA/A-1+' long- and short-term foreign- and local-currency sovereign credit ratings on the Kingdom of Denmark. The outlook is stable. The sovereign ratings on Denmark are supported by our view of the government's longstanding commitment to fiscal discipline and growth-oriented macroeconomic policies. This commitment is reflected in the country's prosperous and diversified economy. We see Denmark's large external borrowing needs, relatively high stock of banking sector external debt, and aging population, as the main risks for the ratings. Danish governments have a strong track record of prudent macroeconomic and fiscal policies. Between 2004 and 2008, Denmark operated significant budget surpluses of 4% of GDP on average. These
