On April 9, 2003, Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' ratings on the Kingdom of Denmark, reflecting the country's enviable track record of macroeconomic stability, underpinned by prudent fiscal management and structural reforms. The outlook is stable. The ratings on Denmark are supported by its: Substantial fiscal flexibility. Policymakers' longstanding commitment to fiscal discipline remains robust. Real growth in general government primary expenditures is forecast to average 1.2% over the medium term, sustaining general government surpluses equivalent to 2.0% of GDP. Uninterrupted decline in the general government debt burden. Since its peak at 78% of GDP in 1993, the general government debt burden has declined to an estimated 42% of GDP at year-end 2003. Resilient, modern, diversified, and
