We are affirming our 'AAA/A-1+' ratings on the Kingdom of Denmark. The affirmation reflects Denmark's long-standing commitment to fiscal discipline and its track record of prudent macroeconomic policies. The outlook is stable. On Nov. 26, 2009, Standard&Poor's Ratings Services affirmed its 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on the Kingdom of Denmark. The outlook is stable. The ratings on the Kingdom of Denmark are underpinned by policymakers' longstanding commitment to fiscal discipline, a track record of prudent macroeconomic policies and structural reforms, and the country's rich and diversified economy. The government's fiscal flexibility is constrained, however, by a large general government sector and a relatively high level of expenditure as a proportion of GDP. We expect
