Hypothekenbank in Essen AG Jan 08

Standard & Poors, January 2008

Abstract
Commerzbank ownership and integration Low credit risk Very lean cost structure Sensitivity of earnings to capital markets Monoline business diversification Limited franchise value The ratings on Hypothekenbank in Essen AG (EssenHyp) are at the same level as the ratings on its parent Commerzbank AG (A/Stable/A-1), which reflects the expectation that EssenHyp will become an integral part of Commerzbank's broader public sector activities, and that following the full acquisition of EssenHyp, Commerzbank will develop a viable, more client-focused strategy for the combined businesses. The 'AAA' ratings on EssenHyp's Öffentliche Pfandbriefe (public sector covered bonds) primarily reflect the quality and cash-flow adequacy of the cover pools to support timely payment of principal and interest under stressed assumptions. EssenHyp ranks among the largest...

Companies mentioned in this report are:
- Hypothekenbank in Essen AG
- Commerzbank AG
- Commerzbank International S.A.
- Caisse Centrale de Reescompte
- BRE Bank S.A. (Unsolicited Ratings)
- Commerzbank Europe (Ireland)
- Hypothekenbank Frankfurt International S.A.
- Erste Europaeische Pfandbrief- und Kommunalkreditbank AG
- Hypothekenbank Frankfurt 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.

Research Type: Full Analysis

- Hypothekenbank in Essen AG
- Commerzbank AG
- Commerzbank International S.A.
- Caisse Centrale de Reescompte
- BRE Bank S.A. (Unsolicited Ratings)
- Commerzbank Europe (Ireland)
- Hypothekenbank Frankfurt International S.A.
- Erste Europaeische Pfandbrief- und Kommunalkreditbank AG
- Hypothekenbank Frankfurt AG

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