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Moody’s Fired by Danish Banks

Some of the countrys biggest investors agree raters opinions are of limited value.

By Frances Schwartzkopff, Bloomberg | Updated on April 19, 2012

Denmark’s biggest banks are firing Moody’s Investors Service as they win assurances from some of the country’s biggest investors that the opinions of ratings companies hold limited value.

Nykredit A/S, Denmark’s biggest mortgage lender and Europe’s largest issuer of covered bonds backed by home loans, terminated its contract with Moody’s on April 13, citing its “volatile” views. Danske Bank A/S’s mortgage unit Realkredit Danmark A/S, the country’s second-largest home-loan provider, dropped Moody’s in June. Jyske Bank A/S, Denmark’s second-biggest listed bank, is looking into ending its dealings with Moody’s, according to Steen Nygaard, its head of treasury.

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