This report supplements our research update "Ratings On Denmark Affirmed At 'AAA/A-1+'; Outlook Stable," published on Oct. 25, 2013. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on Denmark reflect our view of its mature political and institutional frameworks, which have promoted fiscal discipline and a moderate debt burden, as well as an open and prosperous economy. These factors have supported sustained current account surpluses and contributed to Denmark's net external asset position. We note some risks to its banks and growth outlook stemming from a large financial-sector external
