Deutsche Postbank AG Jul 10
Standard & Poors, July 2010
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
High systemic importance in Germany. Stability from its business model as a large retail bank in Germany. Funding benefits from good access to customer deposits exceeding customer loans. Relative robustness of traditional domestic retail lending. Low capitalization. Elevated credit and market risk from opportunistic low-quality structured credit investment portfolio and international commercial real estate financings. High cost-to-income ratio. Model risk from interest rate risk in the banking book. The counterparty credit ratings on Germany-based Deutsche Postbank AG reflect our view of its high systemic importance to Germany, which under our criteria grants the ratings a one-notch uplift from our assessment of the bank's stand-alone credit profile. This is because we believe that Postbank would likely receive extraordinary government support if...
Companies mentioned in this report are: Deutsche Postbank AG,BHW Bausparkasse AG, Hameln,Deutsche Post 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
Deutsche Postbank AG,BHW Bausparkasse AG, Hameln,Deutsche Post 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
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