Research Update: Commerzbank AG Oct 02
Standard & Poors, October 2002
Abstract
On Oct. 8, 2002, Standard & Poor's Ratings Services lowered its long-term counterparty credit and certificate of deposit ratings on Commerzbank AG, and related entities, to single-'A'-minus from single-'A' and its short-term counterparty credit and certificate of deposit ratings to 'A-2' from 'A-1'. The outlook is negative. At the same time, Standard & Poor's lowered the long-term counterparty credit and senior unsecured debt rating on Hypothekenbank in Essen AG (Hypo Essen) to triple-'B'-plus from single-'A'-minus. The outlook is negative. In addition, the 'A-2' short-term counterparty credit rating on Hypo Essen and the triple-'A' rating on Hypo Essen's Öffentliche Pfandbriefe were affirmed. The lowering of ratings reflects Commerzbank's further weakened business and risk profile asthe prolonged economic downturn will cause further...
Companies mentioned in this report are:
- Commerzbank AG
- Hypothekenbank in Essen AG
- Erste Europaeische Pfandbrief- und Kommunalkreditbank AG
Action: Review
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Commerzbank AG
- Hypothekenbank in Essen AG
- Erste Europaeische Pfandbrief- und Kommunalkreditbank AG
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