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BHW Bausparkasse AG, Hameln Jul 09
Standard & Poors, July 2009
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
Ownership support from Deutsche Postbank Strong granular retail funding position Relative robustness of granular homeowner financings Very difficult domestic markets Poor medium-term earnings prospects High market risk sensitivities and a lack of business diversification The ratings on Germany-based BHW Bausparkasse AG, Hameln (BHW B) are based on its strategic importance to, and full ownership by, Deutsche Postbank AG (Postbank; A-/Positive/A-2). The ratings also reflect BHW B's strong granular retail funding position, which remains a key strength against an ongoing global liquidity squeeze, and the expected relative robustness of its granular and highly collateralized homeowner financings in Germany. Expected ownership support remains pivotal, however, to alleviate BHW B's much weaker stand-alone credit profile. Standard & Poor's Ratings Services expects BHW B's...
Companies mentioned in this report are: BHW Bausparkasse AG, Hameln,Deutsche Post AG,Deutsche Postbank AG,Deutsche Postbank Funding Trust I,Deutsche Postbank Funding Trust II,Deutsche Postbank Funding Trust III,Prosecure Funding Limited Partnership,Deutsche Postbank Funding Trust IV
Action: Review
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