Research Update: EssenHyp Ratings Raised To 'A/A-1' On Full Takeover By Commerzbank; Outlook Stable Nov 07
Standard & Poors, November 2007
Abstract
On Nov. 12, 2007, Standard & Poor's Ratings Services raised its long- and short-term counterparty credit ratings on Germany-based Hypothekenbank in Essen AG (EssenHyp) to 'A/A-1' from 'A-/A-2'. The outlook is stable. The rating action follows the announcement by EssenHyp's 51% owner, Commerzbank AG (A/Stable/A-1), that it will acquire the remaining shares in EssenHyp from a private investor group in two steps by January 2008. EssenHyp ranks among the largest public finance banks in Germany by total assets, and is one of the largest issuers of Öffentliche Pfandbriefe. The rating action places the ratings on EssenHyp at the same level as the ratings on Commerzbank. This reflects our expectation that EssenHyp will become an integral part of Commerzbank's broader public...
Companies mentioned in this report are:
- Hypothekenbank in Essen AG
- Commerzbank AG
Action: Outlook: Stable
Action: Upgraded
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.
- Hypothekenbank in Essen AG
- Commerzbank AG
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