Research Update: Allgemeine Hypothekenbank Rheinboden Ratings Cut To 'BB+/B'; On Watch Neg On Postbank BHW Bid Oct 05
- ID: 1710607
- October 2005
- Standard & Poors
On Oct. 25, 2005, Standard & Poor's Ratings Services 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 Öffentliche 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 from BHW Holding beforehand, with...
Companies mentioned in this report are:
- COREALCREDIT BANK AG
- BHW Bausparkasse AG Hameln
- Deutsche Post AG
- Deutsche Postbank AG
Action: On CreditWatch:Negative
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Product Type: Research Update
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