The Danish economy is wealthy and diversified, with GDP per capita expected to exceed $59,000 in 2011. The Danish government has a track record of running substantial budgetary surpluses during periods of economic expansion. We expect the newly elected government will bring the primary fiscal deficit back to balance by 2014. We are therefore affirming our 'AAA/A-1+' foreign- and local-currency ratings on Denmark. The stable outlook reflects our view of the low likelihood of significant and sustained fiscal slippages, and of the government's commitment to pursuing policies that will promote sustainable growth. On Oct. 4, 2011, Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' long- and short-term foreign- and local-currency sovereign credit ratings on the Kingdom of Denmark. The outlook
