Rating

	S&P			Fitch
Nykredit Realkredit A/S	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook
Resolution Counterparty Rating	AA-	A-1+
Issuer credit rating	A+	A-1	Stable	A	F1	Stable
Senior unsecured preferred debt	A+	A-1		A+	F1
Senior unsecured non-preferred debt	BBB+			A
Tier 2 subordinated debt	BBB			BBB+
Additional Tier 1 capital	BB+			BBB-
Covered bonds (SDO)¹	AAA		Stable
Covered bonds (RO)²	AAA		Stable
Senior secured debt³	AA		Stable
Nykredit Bank A/S	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook
Resolution Counterparty Rating	AA-	A-1+
Issuer Credit Rating	A+	A-1	Stable	A	F1	Stable
Senior unsecured preferred debt	A+	A-1		A+	F1
Deposits	A+	A-1		A+	F1
Totalkredit A/S	Long-term	Short-term	Outlook	Long-term	Short-term	Outlook
Covered bonds (RO)⁴	AAA		Stable

_{1. SDO = Særlig Dækkede Obligationer, issued out of capital centres E ad H}

_{2. RO = Realkreditobligationer, issued out of capital centres D, G and I.}

_{3. Also known as Junior Covered Bonds (JCB) or Section 15 bonds. Currently no publicly traded bonds}

_{4. RO = Realkreditobligationer, issued out of capital centre C}

Ratings