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      Scope affirms at AAA/Stable the covered bonds issued out of Realkredit's capital centres S and T

      01.00 F Realkredit Danmark A/S 20 S 2027 CapCen S 05.00 F Realkredit Danmark A/S 22 S 2031 CapCen S 03.00 F Realkredit Danmark A/S 23 S 2047 CapCen S 03.00 F Realkredit Danmark A/S 27 S 2047 CapCen S 03.00 F Realkredit Danmark A/S 27 S 2044 CapCen S 03.50 F Realkredit Danmark A/S 27 S 2044 CapCen S 04.00 F Realkredit Danmark A/S 23 S 2041 CapCen S 05.00 F Realkredit Danmark A/S 23 S 2041 CapCen S 04.00 F Realkredit Danmark A/S 21 S 2026 CapCen S 02.00 F Realkredit Danmark A/S 27 S 2047 CapCen S 04.00 F Realkredit Danmark A/S 22 S 2031 CapCen S 01.50 F Realkredit Danmark A/S 21 S 2032 CapCen S 03.00 F Realkredit Danmark A/S 23 S 2044 CapCen S 04.00 F Realkredit Danmark A/S 22 S 2034 CapCen S 01.00 F Realkredit Danmark A/S 10 G 2025 CapCen T 07.00 F Realkredit Danmark A/S 23 S 2041 CapCen S 02.00 F Realkredit Danmark A/S 23 S 2047 CapCen S 04.00 F Realkredit Danmark A/S 23 S 2044 CapCen S 06.00 F Realkredit Danmark A/S 23 S 2041 CapCen S 01.00 F Realkredit Danmark A/S 10 G 2026 CapCen T 03.00 F Realkredit Danmark A/S 22 S 2034 CapCen S 01.00 F Realkredit Danmark A/S 10 F 2026 CapCen T 02.50 F Realkredit Danmark A/S 23 S 2047 CapCen S 04.00 F Realkredit Danmark A/S 27 S 2041 CapCen S 02.00 F Realkredit Danmark A/S 21 S 2029 CapCen S 06.00 F Realkredit Danmark A/S 27 S 2041 CapCen S 01.00 F Realkredit Danmark A/S 10 G 2025 CapCen T 04.00 F Realkredit Danmark A/S 27 S 2044 CapCen S 01.50 F Realkredit Danmark A/S 20 S 2027 CapCen S 00.50 F Realkredit Danmark A/S 20 S 2027 CapCen S 01.00 F Realkredit Danmark A/S 21 S 2032 CapCen S 02.00 F Realkredit Danmark A/S 22 S 2037 CapCen S 01.00 F Realkredit Danmark A/S 10 F 2025 CapCen T 03.50 F Realkredit Danmark A/S 23 S 2044 CapCen S 02.00 F Realkredit Danmark A/S 10 T 2025 CapCen T 02.00 F Realkredit Danmark A/S 10 T 2025 CapCen T 02.00 F Realkredit Danmark A/S 10 U 2025 CapCen T 02.00 F Realkredit Danmark A/S 21 S 2032 CapCen S 02.50 F Realkredit Danmark A/S 27 S 2047 CapCen S 00.85 V Realkredit Danmark A/S 41 Q 2039 CapCen S 01.50 F Realkredit Danmark A/S 23 S 2047 CapCen S 01.14 V Realkredit Danmark A/S 41 S 2039 CapCen S 02.50 F Realkredit Danmark A/S 22 S 2034 CapCen S 00.85 V Realkredit Danmark A/S 40 Q 2039 CapCen S 00.21 V Realkredit Danmark A/S 31 S 2041 CapCen S 05.00 F Realkredit Danmark A/S 27 S 2044 CapCen S 01.14 V Realkredit Danmark A/S 40 S 2039 CapCen S 05.00 F Realkredit Danmark A/S 27 S 2041 CapCen S 02.50 F Realkredit Danmark A/S 22 S 2037 CapCen S 07.00 F Realkredit Danmark A/S 27 S 2041 CapCen S 01.00 F Realkredit Danmark A/S 10 F 2026 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2026 CapCen T 03.00 F Realkredit Danmark A/S 22 S 2031 CapCen S 03.00 F Realkredit Danmark A/S 21 S 2029 CapCen S 03.00 F Realkredit Danmark A/S 21 S 2026 CapCen S 03.50 F Realkredit Danmark A/S 27 S 2047 CapCen S 03.50 F Realkredit Danmark A/S 23 S 2047 CapCen S 01.50 F Realkredit Danmark A/S 22 S 2037 CapCen S 00.21 V Realkredit Danmark A/S 30 S 2041 CapCen S 02.00 F Realkredit Danmark A/S 10 U 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2027 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2027 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2027 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2027 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2028 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2028 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2028 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2028 CapCen T 02.00 F Realkredit Danmark A/S 23 S 2050 CapCen S 00.50 F Realkredit Danmark A/S 20 S 2030 CapCen S 01.50 F Realkredit Danmark A/S 22 S 2040 CapCen S 02.50 F Realkredit Danmark A/S 27 S 2050 CapCen S 01.00 F Realkredit Danmark A/S 21 S 2035 CapCen S 01.00 F Realkredit Danmark A/S 10 G 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2026 CapCen T 02.00 F Realkredit Danmark A/S 27 S 2050 CapCen S 01.00 F Realkredit Danmark A/S 10 F 2029 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2029 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2029 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2029 CapCen T 01.50 F Realkredit Danmark A/S 23 S 2050 CapCen S 02.50 F Realkredit Danmark A/S 23 S 2050 CapCen S 01.00 F Realkredit Danmark A/S 10 F 2030 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2030 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2030 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2030 CapCen T 01.00 F Realkredit Danmark A/S 22 S 2040 CapCen S 01.50 F Realkredit Danmark A/S 27 S 2050 CapCen S 00.50 F Realkredit Danmark A/S 21 S 2035 CapCen S 01.00 F Realkredit Danmark A/S 23 S 2050 CapCen S 00.50 F Realkredit Danmark A/S 22 S 2040 CapCen S 01.00 F Realkredit Danmark A/S 27 S 2050 CapCen S 00.50 F Realkredit Danmark A/S 23 S 2050 CapCen S 00.50 F Realkredit Danmark A/S 27 S 2050 CapCen S 00.00 F Realkredit Danmark A/S 21 S 2035 CapCen S 00.00 F Realkredit Danmark A/S 22 S 2040 CapCen S 01.00 F Realkredit Danmark A/S 10 F 2031 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2031 CapCen T 01.00 F Realkredit Danmark A/S 10 A 2031 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2031 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2031 CapCen T 00.00 V Realkredit Danmark A/S 12 F 2024 CApCen T 00.85 V Realkredit Danmark A/S 15 E 2024 CapCen T 00.00 V Realkredit Danmark A/S 11 F 2024 CapCen T 00.50 F Realkredit Danmark A/S 23 S 2053 capCen S 00.00 F Realkredit Danmark A/S 21 S 2038 CapCen S -00.50 F Realkredit Danmark A/S 20 S 2033 CapCen S 01.00 F Realkredit Danmark A/S 28 S 2053 CapCen S 01.00 F Realkredit Danmark A/S 10 G 2032 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2032 CapCen T 00.50 F Realkredit Danmark A/S 27 S 2053 CapCen S 01.00 F Realkredit Danmark A/S 10 F 2032 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2032 CapCen T 00.00 F Realkredit Danmark A/S 22 S 2043 CapCen S 01.50 F Realkredit Danmark A/S 23 S 2053 CapCen S 02.00 F Realkredit Danmark A/S 28 S 2053 CapCen S -00.29 V Realkredit Danmark A/S 33 S 2031 CapCen S 01.50 F Realkredit Danmark A/S 27 S 2053 CapCen S 02.00 F Realkredit Danmark A/S 27 S 2053 CapCen S 01.50 F Realkredit Danmark A/S 28 S 2053 CapCen S 01.00 F Realkredit Danmark A/S 22 S 2043 CapCen S -00.27 V Realkredit Danmark A/S 12 F 2025 CapCen T -00.30 V Realkredit Danmark A/S 12 E 2024 CapCen T 01.19 V RD 16G.3OK 24 RF 16 G 2024 CapCen T 00.41 V Realkredit Danmark A/S 15 G 2025 CapCen T 01.00 F Realkredit Danmark A/S 27 S 2053 CapCen S 01.00 F Realkredit Danmark A/S 23 S 2053 CapCen S 00.50 F Realkredit Danmark A/S 22 S 2043 CapCen S 00.50 F Realkredit Danmark A/S 21 S 2038 CapCen S 00.00 F Realkredit Danmark A/S 20 S 2033 CapCen S 02.00 F Realkredit Danmark A/S 23 S 2053 CapCen S 01.50 F Realkredit Danmark A/S 22 S 2043 CapCen S 02.00 F Realkredit Danmark A/S 22 S 2043 CapCen S 02.50 F Realkredit Danmark A/S 27 S 2053 CapCen S 02.50 F Realkredit Danmark A/S 28 S 2053 CapCen S 01.00 F Realkredit Danmark A/S 20 S 2033 CapCen S 01.50 F Realkredit Danmark A/S 21 S 2038 CapCen S 02.50 F Realkredit Danmark A/S 23 S 2053 CapCen S 03.00 F Realkredit Danmark A/S 23 S 2053 CapCen S 03.00 F Realkredit Danmark A/S 27 S 2053 CapCen S 03.00 F Realkredit Danmark A/S 28 S 2053 CapCen S 03.00 F Realkredit Danmark A/S 22 S 2043 CapCen S 04.00 F Realkredit Danmark A/S 28 S 2053 CapCen S 04.00 F Realkredit Danmark A/S 23 S 2053 CapCen S 04.00 F Realkredit Danmark A/S 27 S 2053 CapCen S 05.00 F Realkredit Danmark A/S 23 S 2053 CapCen S 05.00 F Realkredit Danmark A/S 27 S 2053 CapCen S 01.00 F Realkredit Danmark A/S 10 F 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2033 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2033 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2033 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2033 CapCen T 00.66 V Realkredit Danmark A/S 12 F 2026 CapCen T 00.66 V Realkredit Danmark A/S 12 E 2026 CapCen T 02.64 V Realkredit Danmark A/S 15 G 2026 - CapCen T 04.00 F Realkredit Danmark A/S 22 S 2043 - CapCen S 06.00 F Realkredit Danmark A/S 23 S 2053 - CapCen S 06.00 F Realkredit Danmark A/S 27 S 2053 - CapCen S 03.47 V RD 16G.3OK 25 RF 16 G 2025 - CapCen T 01.00 F Realkredit Danmark A/S 10 G 2026 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2034 CapCen T 01.00 F Realkredit Danmark A/S 10 A 2026 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2026 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2034 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2034 CapCen T 03.22 V Realkredit Danmark A/S 11 F 2026 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2034 CapCen T 01.00 F Realkredit Danmark A/S 10 A 2034 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2026 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 A 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 A 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2026 CapCen T DANSK 4.250 07/01/27 FRN DANSK 5.000 10/01/56 '24 DANSK 5.000 10/01/56 DANSK 5.000 10/01/56 DANSK 3.920 07/01/26 FRN 04.00 F Realkredit Danmark A/S 27 S 2056 SDRO S 01.00 F Realkredit Danmark A/S 10 G 2027 SDRO T 01.00 F Realkredit Danmark A/S 10 G 2035 SDRO T 01.00 F Realkredit Danmark A/S10 F 2026 SDRO T 01.00 F Realkredit Danmark A/S 10 F 2027 SDRO T 01.00 F Realkredit Danmark A/S 10 G 2026 SDRO T 01.00 F Realkredit Danmark A/S 10 F 2027 SDRO T 01.00 F Realkredit Danmark A/S 10 G 2035 SDRO T 01.00 F Realkredit Danmark A/S 10 F 2035 SDRO T 01.00 F Realkredit Danmark A/S 10 G 2026 SDRO T 01.00 F Realkredit Danmark A/S 10 F 2026 SDRO T 01.00 F Realkredit Danmark A/S 10 G 2027 SDRO T 01.00 F Realkredit Danmark A/S 10 F 2035 SDRO T 05.36 V RD 16G.3OK 26 RF 16 G 2026 SDRO T 04.79 V Realkredit Danmark A/S 15 G 2027 SDRO T 04.00 F Realkredit Danmark A/S 23 S 2056 SDRO S 03.00 F Realkredit Danmark A/S 20 S 2036 SDRO S 04.00 F Realkredit Danmark A/S 22 S 2046 SDRO S
      FRIDAY, 24/05/2024 - Scope Ratings GmbH
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      Scope affirms at AAA/Stable the covered bonds issued out of Realkredit's capital centres S and T

      The issuer rating of A+ combined with governance support results in the highest achievable ratings for the mortgage covered bonds. The cover pool provides additional rating stability.

      Rating action

      Scope Ratings GmbH (Scope) has today affirmed the AAA ratings assigned to the Danish mortgage covered bonds (særligt dækkede realobligationer) issued by Realkredit Danmark A/S (Realkredit) out of capital centre S and capital centre T. All ratings have a Stable Outlook.Key rating drivers

      Solid issuer rating (positive)1. Realkredit has a solid issuer rating of A+. It is a core and closely integrated subsidiary of Danske Bank A/S, which itself has a solid market position. As the second largest mortgage lender in Denmark, Realkredit has reassuring profitability and prudential capital metrics.

      Governance support (positive)2. Governance support is the primary rating driver for both capital centres and is based on Scope’s view on: i) Denmark’s strong legal covered bond framework; and ii) the resolution regime and systemic importance of Realkredit and its covered bonds in the country. Governance support provides the covered bonds with six notches of uplift above the issuer rating. Only four notches are needed to raise the covered bonds ratings to the highest achievable level. (ESG factor)

      The legal framework, together with common market practices, ensures i) the cover pool would be segregated from the issuer’s insolvency estate; ii) bond payments can continue after insolvency; and iii) identified risks can be mitigated by overcollateralisation, which generally remains available after insolvency. Danish covered bonds also benefit from specific regulatory oversight and the unique balance principle which largely mitigates liquidity and other market risks allowing for two notches of uplift from our legal framework assessment.

      The additional four notches of resolution-regime uplift reflect Scope’s assessment of the Danish resolution regime and systemic importance considerations. These include: i) the implementation of the Bank Recovery and Resolution Directive and the exemption of covered bonds from bail-in; ii) incentives that prevent regulatory intervention in the issuer affecting the covered bonds’ credit quality and performance; iii) product-, issuer- and country-specific aspects relevant to the systemic importance of covered bonds in Denmark; and iv) a pro-active domestic stakeholder community.

      One or more key drivers of the credit rating action are considered an ESG factor.

      Rating-change drivers

      Scope’s Stable Outlook on the covered bonds reflects a rating buffer of five notches, including three notches of potential cover pool support. The ratings may be downgraded upon: i) an issuer rating downgrade by more than five notches; ii) a deterioration in Scope’s view on governance support factors relevant to the issuer and Danish covered bonds in general and on the interplay between complexity and transparency; and/or iii) an inability of the cover pool to provide an uplift in case the issuer rating is downgraded.

      Quantitative analysis and assumptions

      Scope performed a cover pool analysis to assess the cover pool’s ability to provide additional support should the issuer be downgraded by more than two notches.

      Cover pool support (positive)3. The capital centre-specific cover pool analyses support additional rating stability. This is reflected by:

      Cover pool complexity (CPC) category (positive). Scope has classified the issuer’s management of the interplay between complexity and transparency provided to investors with a ‘low’ CPC category, allowing for a maximum additional uplift of up to three notches on top of the governance uplift. (ESG factor)

      Overcollateralisation (positive). The 7.4% of overcollateralisation as of 31 Dec 2023 for capital centre S and 7.1% for capital centre T can shield the current AAA ratings against an issuer downgrade of up to five notches.

      Sound credit quality (positive). The cover pools comprise a mix of residential and commercial assets, predominantly secured by Danish mortgages. The cover assets benefit from a low average loan-to-value ratio of about 45% for capital centre S and 50% for capital centre T.

      Market risks (positive). Aided by the Danish balance principle, market risks (in particular, asset-liability mismatches) are nearly eliminated.

      The cash flow analysis projected cover pool defaults assuming an inverse Gaussian distribution. Scope derived an effective weighted-average lifetime mean default rate of 2.3% for capital centre S and 2.5% for capital centre T, and weighted-average coefficients of variation of respectively 50% and 75%. The higher coefficient of variation for capital centre T reflects that the floating mortgage loans exposed to increased borrower defaults upon a failure to refinance the covered bonds as margins can be increased by up to 500bp. These assumptions are established based on the bank’s credit performance, in particular vintage and loss data, as well as benchmarking.

      Scope also assumed asset-recovery rates ranging between 99.9% in the base scenario and 77.5% in the stressed scenario for capital centre S and between 99.9% and 80.4%, respectively, for capital centre T. Scope established total security-value haircuts for the properties securing the mortgage loans of 10%-45% in the base scenario and 42.5%-55% in the stressed scenario, with the level depending on the location and type of property.

      Scope used the resulting loss distribution and default timing to project the covered bond programmes’ losses and reflect their amortisation structures. The analysis also incorporated the impact of rating-distance-dependent interest-rate and foreign exchange stresses. Due to the Danish balance principle, covered bond programmes are not very sensitive to changes of market-risk parameters. The programmes were most sensitive to a ‘lower for longer’ scenario in which interest rates drop to a minimum of negative 1% after two years and remain at that rate until the last bond has been repaid. The programmes were sensitive prepayment scenarios. The capital centre T was most sensitive to a depreciation of the euro, Norwegian krone and Swedish krona against the base currency – the Danish krone – by down to 35% in the most stressful scenario.

      Scope tested for low (1%) and high (up to 25%) prepayments to stress the programmes’ sensitivity to unscheduled repayments.

      Recovery lag assumptions were 18 months for residential loans and 30 months for commercial loans. A weighted annual average servicing fee of 30bps was assumed for capital centre S and 33bps for capital centre T.

      To calculate the cover pools’ net present value in the event of an asset sale, refinancing premiums of 150bp for residential mortgage loans and 300bp for commercial mortgage loans were added to the rating-distance and scenario-dependent discount curve.

      Rating driver references
      1. Realkredit Danmark A/S – public issuer rating 
      2. Governance support assessment Denmark 
      3. Confidential and public quarterly cover pool reporting, complementary annual performance updates

      Stress testing
      No stress testing was performed.

      Cash flow analysis
      The Credit Rating uplift is based on a cash flow analysis using Scope Ratings’ covered bond model (Covered Bonds Expected Loss Model Version 1.1). The model applies Credit Rating distance-dependent stresses to scheduled cash flows to simulate the impact of increasing credit and market risks. The model outcome is the expected loss for a given level of overcollateralisation.

      Methodology
      The methodology used for these Credit Ratings and Outlooks, (Covered Bond Rating Methodology, 24 May 2023) is available on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
      The model used for these Credit Ratings and Outlooks is (Covered Bonds Expected Loss Model Version 1.1), available in Scope Ratings’ list of models, published under https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
      Information on the meaning of each Credit Rating category, including definitions of default, recoveries, Outlooks and Under Review, can be viewed in ‘Rating Definitions – Credit Ratings, Ancillary and Other Services’, published on https://www.scoperatings.com/governance-and-policies/rating-governance/definitions-and-scales. Historical default rates of the entities rated by Scope Ratings can be viewed in the Credit Rating performance report at https://scoperatings.com/governance-and-policies/regulatory/eu-regulation. Also refer to the central platform (CEREP) of the European Securities and Markets Authority (ESMA): http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml. A comprehensive clarification of Scope Ratings’ definitions of default and Credit Rating notations can be found at https://www.scoperatings.com/governance-and-policies/rating-governance/definitions-and-scales. Guidance and information on how environmental, social or governance factors (ESG factors) are incorporated into the Credit Rating can be found in the respective sections of the methodologies or guidance documents provided on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
      The Outlook indicates the most likely direction of the Credit Rating if the Credit Rating were to change within the next 12 to 18 months.

      Solicitation, key sources and quality of information
      The Rated Entity and/or its Related Third Parties participated in the Credit Rating process.
      The following substantially material sources of information were used to prepare the Credit Ratings: public domain, the Rated Entity and Scope Ratings’ internal sources.
      Scope Ratings considers the quality of information available to Scope Ratings on the Rated Entity or instrument to be satisfactory. The information and data supporting these Credit Ratings originate from sources Scope Ratings considers to be reliable and accurate. Scope Ratings does not, however, independently verify the reliability and accuracy of the information and data.
      Prior to the issuance of the Credit Rating action, the Rated Entity was given the opportunity to review the Credit Ratings and Outlooks and the principal grounds on which the Credit Ratings and Outlooks are based. Following that review, the Credit Ratings and Outlooks were not amended before being issued.

      Regulatory disclosures
      These Credit Ratings and Outlooks are issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0. The Credit Ratings and Outlooks are UK-endorsed.
      Lead analyst: Fatemeh Torabi Kachousangi, Associate Analyst
      Person responsible for approval of the Credit Ratings: Karlo Fuchs, Managing Director
      The Credit Ratings/Outlooks were first released by Scope Ratings on 29 August 2018. The Credit Ratings/Outlooks were last updated on 30 June 2022.

      Potential conflicts
      See www.scoperatings.com under Governance & Policies/Regulatory for a list of potential conflicts of interest disclosures related to the issuance of Credit Ratings.

      Conditions of use / exclusion of liability
      © 2024 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Ratings UK Limited, Scope Fund Analysis GmbH, and Scope ESG Analysis GmbH (collectively, Scope). All rights reserved. The information and data supporting Scope’s ratings, rating reports, rating opinions and related research and credit opinions originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data. Scope’s ratings, rating reports, rating opinions, or related research and credit opinions are provided ‘as is’ without any representation or warranty of any kind. In no circumstance shall Scope or its directors, officers, employees and other representatives be liable to any party for any direct, indirect, incidental or other damages, expenses of any kind, or losses arising from any use of Scope’s ratings, rating reports, rating opinions, related research or credit opinions. Ratings and other related credit opinions issued by Scope are, and have to be viewed by any party as, opinions on relative credit risk and not a statement of fact or recommendation to purchase, hold or sell securities. Past performance does not necessarily predict future results. Any report issued by Scope is not a prospectus or similar document related to a debt security or issuing entity. Scope issues credit ratings and related research and opinions with the understanding and expectation that parties using them will assess independently the suitability of each security for investment or transaction purposes. Scope’s credit ratings address relative credit risk, they do not address other risks such as market, liquidity, legal, or volatility. The information and data included herein is protected by copyright and other laws. To reproduce, transmit, transfer, disseminate, translate, resell, or store for subsequent use for any such purpose the information and data contained herein, contact Scope Ratings GmbH at Lennéstraße 5, D-10785 Berlin.

      01.00 F Realkredit Danmark A/S 20 S 2027 CapCen S 05.00 F Realkredit Danmark A/S 22 S 2031 CapCen S 03.00 F Realkredit Danmark A/S 23 S 2047 CapCen S 03.00 F Realkredit Danmark A/S 27 S 2047 CapCen S 03.00 F Realkredit Danmark A/S 27 S 2044 CapCen S 03.50 F Realkredit Danmark A/S 27 S 2044 CapCen S 04.00 F Realkredit Danmark A/S 23 S 2041 CapCen S 05.00 F Realkredit Danmark A/S 23 S 2041 CapCen S 04.00 F Realkredit Danmark A/S 21 S 2026 CapCen S 02.00 F Realkredit Danmark A/S 27 S 2047 CapCen S 04.00 F Realkredit Danmark A/S 22 S 2031 CapCen S 01.50 F Realkredit Danmark A/S 21 S 2032 CapCen S 03.00 F Realkredit Danmark A/S 23 S 2044 CapCen S 04.00 F Realkredit Danmark A/S 22 S 2034 CapCen S 01.00 F Realkredit Danmark A/S 10 G 2025 CapCen T 07.00 F Realkredit Danmark A/S 23 S 2041 CapCen S 02.00 F Realkredit Danmark A/S 23 S 2047 CapCen S 04.00 F Realkredit Danmark A/S 23 S 2044 CapCen S 06.00 F Realkredit Danmark A/S 23 S 2041 CapCen S 01.00 F Realkredit Danmark A/S 10 G 2026 CapCen T 03.00 F Realkredit Danmark A/S 22 S 2034 CapCen S 01.00 F Realkredit Danmark A/S 10 F 2026 CapCen T 02.50 F Realkredit Danmark A/S 23 S 2047 CapCen S 04.00 F Realkredit Danmark A/S 27 S 2041 CapCen S 02.00 F Realkredit Danmark A/S 21 S 2029 CapCen S 06.00 F Realkredit Danmark A/S 27 S 2041 CapCen S 01.00 F Realkredit Danmark A/S 10 G 2025 CapCen T 04.00 F Realkredit Danmark A/S 27 S 2044 CapCen S 01.50 F Realkredit Danmark A/S 20 S 2027 CapCen S 00.50 F Realkredit Danmark A/S 20 S 2027 CapCen S 01.00 F Realkredit Danmark A/S 21 S 2032 CapCen S 02.00 F Realkredit Danmark A/S 22 S 2037 CapCen S 01.00 F Realkredit Danmark A/S 10 F 2025 CapCen T 03.50 F Realkredit Danmark A/S 23 S 2044 CapCen S 02.00 F Realkredit Danmark A/S 10 T 2025 CapCen T 02.00 F Realkredit Danmark A/S 10 T 2025 CapCen T 02.00 F Realkredit Danmark A/S 10 U 2025 CapCen T 02.00 F Realkredit Danmark A/S 21 S 2032 CapCen S 02.50 F Realkredit Danmark A/S 27 S 2047 CapCen S 00.85 V Realkredit Danmark A/S 41 Q 2039 CapCen S 01.50 F Realkredit Danmark A/S 23 S 2047 CapCen S 01.14 V Realkredit Danmark A/S 41 S 2039 CapCen S 02.50 F Realkredit Danmark A/S 22 S 2034 CapCen S 00.85 V Realkredit Danmark A/S 40 Q 2039 CapCen S 00.21 V Realkredit Danmark A/S 31 S 2041 CapCen S 05.00 F Realkredit Danmark A/S 27 S 2044 CapCen S 01.14 V Realkredit Danmark A/S 40 S 2039 CapCen S 05.00 F Realkredit Danmark A/S 27 S 2041 CapCen S 02.50 F Realkredit Danmark A/S 22 S 2037 CapCen S 07.00 F Realkredit Danmark A/S 27 S 2041 CapCen S 01.00 F Realkredit Danmark A/S 10 F 2026 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2026 CapCen T 03.00 F Realkredit Danmark A/S 22 S 2031 CapCen S 03.00 F Realkredit Danmark A/S 21 S 2029 CapCen S 03.00 F Realkredit Danmark A/S 21 S 2026 CapCen S 03.50 F Realkredit Danmark A/S 27 S 2047 CapCen S 03.50 F Realkredit Danmark A/S 23 S 2047 CapCen S 01.50 F Realkredit Danmark A/S 22 S 2037 CapCen S 00.21 V Realkredit Danmark A/S 30 S 2041 CapCen S 02.00 F Realkredit Danmark A/S 10 U 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2027 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2027 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2027 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2027 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2028 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2028 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2028 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2028 CapCen T 02.00 F Realkredit Danmark A/S 23 S 2050 CapCen S 00.50 F Realkredit Danmark A/S 20 S 2030 CapCen S 01.50 F Realkredit Danmark A/S 22 S 2040 CapCen S 02.50 F Realkredit Danmark A/S 27 S 2050 CapCen S 01.00 F Realkredit Danmark A/S 21 S 2035 CapCen S 01.00 F Realkredit Danmark A/S 10 G 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2026 CapCen T 02.00 F Realkredit Danmark A/S 27 S 2050 CapCen S 01.00 F Realkredit Danmark A/S 10 F 2029 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2029 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2029 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2029 CapCen T 01.50 F Realkredit Danmark A/S 23 S 2050 CapCen S 02.50 F Realkredit Danmark A/S 23 S 2050 CapCen S 01.00 F Realkredit Danmark A/S 10 F 2030 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2030 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2030 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2030 CapCen T 01.00 F Realkredit Danmark A/S 22 S 2040 CapCen S 01.50 F Realkredit Danmark A/S 27 S 2050 CapCen S 00.50 F Realkredit Danmark A/S 21 S 2035 CapCen S 01.00 F Realkredit Danmark A/S 23 S 2050 CapCen S 00.50 F Realkredit Danmark A/S 22 S 2040 CapCen S 01.00 F Realkredit Danmark A/S 27 S 2050 CapCen S 00.50 F Realkredit Danmark A/S 23 S 2050 CapCen S 00.50 F Realkredit Danmark A/S 27 S 2050 CapCen S 00.00 F Realkredit Danmark A/S 21 S 2035 CapCen S 00.00 F Realkredit Danmark A/S 22 S 2040 CapCen S 01.00 F Realkredit Danmark A/S 10 F 2031 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2031 CapCen T 01.00 F Realkredit Danmark A/S 10 A 2031 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2031 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2031 CapCen T 00.00 V Realkredit Danmark A/S 12 F 2024 CApCen T 00.85 V Realkredit Danmark A/S 15 E 2024 CapCen T 00.00 V Realkredit Danmark A/S 11 F 2024 CapCen T 00.50 F Realkredit Danmark A/S 23 S 2053 capCen S 00.00 F Realkredit Danmark A/S 21 S 2038 CapCen S -00.50 F Realkredit Danmark A/S 20 S 2033 CapCen S 01.00 F Realkredit Danmark A/S 28 S 2053 CapCen S 01.00 F Realkredit Danmark A/S 10 G 2032 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2032 CapCen T 00.50 F Realkredit Danmark A/S 27 S 2053 CapCen S 01.00 F Realkredit Danmark A/S 10 F 2032 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2032 CapCen T 00.00 F Realkredit Danmark A/S 22 S 2043 CapCen S 01.50 F Realkredit Danmark A/S 23 S 2053 CapCen S 02.00 F Realkredit Danmark A/S 28 S 2053 CapCen S -00.29 V Realkredit Danmark A/S 33 S 2031 CapCen S 01.50 F Realkredit Danmark A/S 27 S 2053 CapCen S 02.00 F Realkredit Danmark A/S 27 S 2053 CapCen S 01.50 F Realkredit Danmark A/S 28 S 2053 CapCen S 01.00 F Realkredit Danmark A/S 22 S 2043 CapCen S -00.27 V Realkredit Danmark A/S 12 F 2025 CapCen T -00.30 V Realkredit Danmark A/S 12 E 2024 CapCen T 01.19 V RD 16G.3OK 24 RF 16 G 2024 CapCen T 00.41 V Realkredit Danmark A/S 15 G 2025 CapCen T 01.00 F Realkredit Danmark A/S 27 S 2053 CapCen S 01.00 F Realkredit Danmark A/S 23 S 2053 CapCen S 00.50 F Realkredit Danmark A/S 22 S 2043 CapCen S 00.50 F Realkredit Danmark A/S 21 S 2038 CapCen S 00.00 F Realkredit Danmark A/S 20 S 2033 CapCen S 02.00 F Realkredit Danmark A/S 23 S 2053 CapCen S 01.50 F Realkredit Danmark A/S 22 S 2043 CapCen S 02.00 F Realkredit Danmark A/S 22 S 2043 CapCen S 02.50 F Realkredit Danmark A/S 27 S 2053 CapCen S 02.50 F Realkredit Danmark A/S 28 S 2053 CapCen S 01.00 F Realkredit Danmark A/S 20 S 2033 CapCen S 01.50 F Realkredit Danmark A/S 21 S 2038 CapCen S 02.50 F Realkredit Danmark A/S 23 S 2053 CapCen S 03.00 F Realkredit Danmark A/S 23 S 2053 CapCen S 03.00 F Realkredit Danmark A/S 27 S 2053 CapCen S 03.00 F Realkredit Danmark A/S 28 S 2053 CapCen S 03.00 F Realkredit Danmark A/S 22 S 2043 CapCen S 04.00 F Realkredit Danmark A/S 28 S 2053 CapCen S 04.00 F Realkredit Danmark A/S 23 S 2053 CapCen S 04.00 F Realkredit Danmark A/S 27 S 2053 CapCen S 05.00 F Realkredit Danmark A/S 23 S 2053 CapCen S 05.00 F Realkredit Danmark A/S 27 S 2053 CapCen S 01.00 F Realkredit Danmark A/S 10 F 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2033 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2033 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2033 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2033 CapCen T 00.66 V Realkredit Danmark A/S 12 F 2026 CapCen T 00.66 V Realkredit Danmark A/S 12 E 2026 CapCen T 02.64 V Realkredit Danmark A/S 15 G 2026 - CapCen T 04.00 F Realkredit Danmark A/S 22 S 2043 - CapCen S 06.00 F Realkredit Danmark A/S 23 S 2053 - CapCen S 06.00 F Realkredit Danmark A/S 27 S 2053 - CapCen S 03.47 V RD 16G.3OK 25 RF 16 G 2025 - CapCen T 01.00 F Realkredit Danmark A/S 10 G 2026 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2034 CapCen T 01.00 F Realkredit Danmark A/S 10 A 2026 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2026 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2034 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2034 CapCen T 03.22 V Realkredit Danmark A/S 11 F 2026 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2034 CapCen T 01.00 F Realkredit Danmark A/S 10 A 2034 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2026 CapCen T 01.00 F Realkredit Danmark A/S 10 F 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 A 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 A 2025 CapCen T 01.00 F Realkredit Danmark A/S 10 G 2026 CapCen T DANSK 4.250 07/01/27 FRN DANSK 5.000 10/01/56 '24 DANSK 5.000 10/01/56 DANSK 5.000 10/01/56 DANSK 3.920 07/01/26 FRN 04.00 F Realkredit Danmark A/S 27 S 2056 SDRO S 01.00 F Realkredit Danmark A/S 10 G 2027 SDRO T 01.00 F Realkredit Danmark A/S 10 G 2035 SDRO T 01.00 F Realkredit Danmark A/S10 F 2026 SDRO T 01.00 F Realkredit Danmark A/S 10 F 2027 SDRO T 01.00 F Realkredit Danmark A/S 10 G 2026 SDRO T 01.00 F Realkredit Danmark A/S 10 F 2027 SDRO T 01.00 F Realkredit Danmark A/S 10 G 2035 SDRO T 01.00 F Realkredit Danmark A/S 10 F 2035 SDRO T 01.00 F Realkredit Danmark A/S 10 G 2026 SDRO T 01.00 F Realkredit Danmark A/S 10 F 2026 SDRO T 01.00 F Realkredit Danmark A/S 10 G 2027 SDRO T 01.00 F Realkredit Danmark A/S 10 F 2035 SDRO T 05.36 V RD 16G.3OK 26 RF 16 G 2026 SDRO T 04.79 V Realkredit Danmark A/S 15 G 2027 SDRO T 04.00 F Realkredit Danmark A/S 23 S 2056 SDRO S 03.00 F Realkredit Danmark A/S 20 S 2036 SDRO S 04.00 F Realkredit Danmark A/S 22 S 2046 SDRO S

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