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Bulletin: No Ratings Impact On Eurohypo And Essenhyp Following Merger Plans Feb 08
Standard & Poors, Feb 2008
Abstract
FRANKFURT (Standard & Poor's) Feb. 1, 2008--Standard & Poor's Ratings Services said today that the counterparty credit ratings and outlooks on Germany-based Eurohypo AG (Eurohypo; A/Stable/A-1) and Hypothekenbank in Essen AG (Essenhyp; A/Stable/A-1) are unaffected by the planned merger of Essenhyp into Eurohypo. Both banks are subsidiaries of Commerzbank AG (Commerzbank; A/Stable/A-1). After legal implementation later this year, effective retroactively Jan. 1, 2008, the ratings on Essenhyp will be withdrawn accordingly. Following Commerzbank's acquisition of the remaining 49% shares in Essenhyp, the merger is consistent with Commerzbank's strategy to: concentrate and reposition its public finance activities, foster an international and more client-focused approach, and draw limited cost synergies. We consider that earnings prospects for Eurohypo's public finance activities remain subdued...
Companies mentioned in this report are: Eurohypo AG,Commerzbank AG,Hypothekenbank in Essen AG
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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