Saxo Bank A/S has remediated most of the deficiencies identified in enforcement orders from the Danish Financial Supervisory Authority (DFSA) regarding the bank?s risk control framework. These followed onsite inspections started in May 2023. We therefore revised the outlook to stable from negative and affirmed our 'A-' long-term issuer credit rating on Saxo. The stable outlook reflects our view that Saxo will achieve solid financial results over the next 12-24 months while maintaining strong capitalization, funding, and liquidity. On June 12, 2025, S&P Global Ratings revised its outlook on the 'A-' long-term issuer credit rating on Saxo Bank A/S to stable from negative. We also affirmed that rating, as well as the 'A' long-term resolution counterparty rating (RCR), and the
