Saxo Bank A/S (Saxo) recently received eight enforcement orders from the Danish financial supervisory authority (FSA) relating to shortcomings in its compliance framework. We see this as credit relevant but expect Saxo will implement effective remediation. We have affirmed our 'A-' long-term rating on Saxo and revised our outlook to negative from stable. The negative outlook on Saxo reflects the downside risks the bank faces in the next 12-24 months until it strengthens its compliance and risk control framework. On May, 8 2024, S&P Global Ratings affirmed its 'A-' long-term issuer credit rating on Saxo Bank A/S, its 'A' long-term resolution counterparty rating (RCR) on the bank, and its ratings on the bank's securities (see Ratings List below). At the
