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BHW Bausparkasse AG, Hameln Jun 06
Standard & Poors, June 2006
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: Full Analysis
Abstract
Implicit ownership support by Deutsche Postbank AG; Sound asset quality; Stable funding sources; and Adequate capitalization. Very weak operating profitability outlook; Earnings dependence on rising interest rates; Lack of business diversification; and Difficult domestic markets and high competition. The ratings on Germany-based BHW Bausparkasse AG, Hameln (BHW B) are based on its developing strategic importance to, and new ownership by Deutsche Postbank AG (Postbank; A/Negative/A-1). The ratings also reflect BHW B's sound asset quality, stable funding, and adequate capital. Furthermore, the ratings also take into account BHW B's weaker intrinsic risk and financial profile, reflecting its expected medium-term very weak operating earnings performance, lack of business diversity, and its low efficiency. This is expected to gradually benefit from more sound...
Companies mentioned in this report are: BHW Bausparkasse AG, Hameln,Airborne Express Inc.,Airborne Inc.,Deutsche Post AG,Deutsche Postbank AG
Action: Review
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