Danish Mortgage Bonds Defy Moody's as Investors Ignore Ratings Downgrades

``Moody's in June warned of mounting refinancing risks as adjustable-rate loans grow to account for about half of Denmark's $470 billion mortgage bond market. The rating company downgraded Nykredit on July 1. Since then, Europe's debt crisis has deepened, while Standard & Poor's downgrade of the U.S. has sent global markets into shock and triggered an investor flight to assets perceived as offering some protection from losses. ''