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BHW Bausparkasse AG, Hameln 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
Ownership support from Deutsche Postbank. Relative robustness of domestic granular homeowner financings. Steady inflow of granular retail deposits. Difficult domestic markets with high competition. Weak medium-term earnings prospects. High interest rate and related model risk 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 granular and highly collateralized domestic retail-lending portfolio, the absence of house price inflation in Germany, and a more robust domestic market resilience against the harsh 2009 recession than Standard & Poor's Ratings Services initially expected, which should restrict BHW B's credit losses to manageable levels overall. Expected...
Companies mentioned in this report are: BHW Bausparkasse AG, Hameln,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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