Rating
DLR KREDIT IS RATED BY S&P GLOBAL RATINGS
DLR was first rated by Standard & Poor’s Ratings Services (“S&P”) in May 2012.
In May 2017, S&P raised DLR’s Issuer Credit Rating (ICR) to ‘A-‘, as DLR was granted an ALAC-uplift of +1. On October 23, 2019, S&P changed the outlook for DLR's ratings from positive to stable.
The change in outlook is due to S&P's assessment of sector trends with an increasing pressure on earnings. Thus, the change in outlook does not reflect DLR-specific conditions.
All DLR’s covered bonds (SDO and RO) have been rated ‘AAA’ since 2012.
| RATING | S&P | DATE |
|---|---|---|
| Resolution Counterparty Rating (RCR) | A/stable outlook | 23/10/2019 |
| Long-Term Credit Rating (ICR) | A-/stable outlook | 23/10/2019 |
| Short-Term Credit Rating | A-2/stable outlook | 31/05/2012 |
| Stand-Alone Credit Profile (SACP) | BBB+/stable outlook | 23/10/2019 |
| Capital Centre B (SDO) | AAA | 24/10/2012 |
| General Capital Centre (RO) | AAA | 26/11/2012 |
| General Capital Centre (SRN, SNP) | BBB | 18/05/2017 |
In recent years, DLR has strengthened its capital base with a view to enhancing resilience to potential drops in property prices, ensuring a high bond rating and being prepared for future capital adequacy requirements pursuant to the CRD IV regulation.
