Danske in quandary after S&P slashes RAC credit
Danske Bank is considering what action to take after Standard & Poor’s changed its methodology for calculating the equity content of hybrid debt, downgrading its 2037 tier two bonds from ‘intermediate’ to ‘minimal’ equity content.
The change in methodology also affects Société Générale, which in November issued a perpetual tier two note primarily designed to get equity credit with S&P, following discussions with the ratings agency.Last October,
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