On Sept. 30, 2005, Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' sovereign credit ratings on the Kingdom of Denmark. The outlook is stable. The full analysis on Denmark was published on RatingsDirect, Standard&Poor's Web-based credit analysis system, on Sept. 30, 2005. The ratings on Denmark reflect policymakers' longstanding commitment to fiscal discipline, supporting the sovereign's substantial fiscal flexibility. The general government is expected to continue posting significant fiscal surpluses, equivalent to 1%-2% of GDP in the medium to long term (excluding flows to and from the second-pillar pension system). Having peaked at 81% of GDP in 1993, the general-government debt burden is expected to fall to an estimated 40% of GDP by year-end 2005, and is forecast
