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EssenHyp's LT Ratings Lowered to 'A-'; Off Watch; Outlook Neg; 'AAA' Pfandbriefe Affirmed Dec 01 Product Image

EssenHyp's LT Ratings Lowered to 'A-'; Off Watch; Outlook Neg; 'AAA' Pfandbriefe Affirmed Dec 01

  • ID: 1751207
  • December 2001
  • Standard & Poors

Abstract
FRANKFURT (Standard & Poor's) Dec. 19, 2001--Standard & Poor's today lowered its long-term counterparty credit and certificate of deposit ratings on Hypothekenbank in Essen AG (EssenHyp) to single-'A'minus from single-'A'-plus and its short-term ratings to 'A-2' from 'A-1'. At the same time, the ratings on EssenHyp were removed from CreditWatch with negative implications, where they were placed on Oct. 31, 2001. The outlook is negative. Standard & Poor's also affirmed its triple-'A' ratings on EssenHyp's Öffentliche (public sector) Pfandbriefe, based on the analysis of the bank's cover pool. (See list below for all ratings affected.) The rating actions reflect the downgrade of EssenHyp's majority owner, Commerzbank AG (A/Negative/A-1; see related press release), and follows the completion of Standard & Poor's...

Companies mentioned in this report are:
- Hypothekenbank in Essen AG
- Commerzbank AG
- Rheinische Hypothekenbank AG

Action: Various Rating Actions

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- Hypothekenbank in Essen AG
- Commerzbank AG
- Rheinische Hypothekenbank AG

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