DLR 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 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.
|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 intending to enhance resilience to potential drops in property prices, ensure a high bond rating, and being prepared for future capital adequacy requirement under the CRD IV regulation.