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Allgemeine Hypothekenbank Rheinboden Ratings Cut To 'BB+/B'; On Watch Neg On Postbank BHW Bid
Standard & Poors, Oct 2005
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
FRANKFURT (Standard & Poor's) Oct. 25, 2005--Standard & Poor's Ratings Services said today it lowered its long-term and short-term counterparty credit ratings on Germany-based Allgemeine Hypothekenbank Rheinboden AG (AHBR) to 'BB+/B' from 'BBB-/A-3' and placed them on CreditWatch with negative implications. At the same time, the 'AAA' rating on senior secured -ffentliche Pfandbriefe and Hypothekenpfandbriefe issued by AHBR were affirmed. The downgrade and CreditWatch placement follows the announcement by Deutsche Postbank AG (Postbank; A/Watch Neg/A-1), the 67% subsidiary of postal service provider Deutsche Post AG (DP; A/Watch Neg/A-1), that it plans to acquire BHW Holding AG (not rated), effective January 2006. A fundamental condition to close the agreement is that BHW Holding's 50% stake in AHBR is to be separated...
Companies mentioned in this report are: COREALCREDIT BANK AG,Deutsche Post AG,Deutsche Postbank AG
Action: Affirmed
Action: Outlook: Negative
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