Eurohypo AG And Hypothekenbank in Essen AG Covered Bonds Affirmed Feb 08

Standard & Poors, February 2008

Abstract
FRANKFURT (Standard & Poor's) Feb. 1, 2008?Standard & Poor's Ratings Services said today that it has affirmed its 'AAA' ratings on the public sector covered bonds issued by Germany based Eurohypo AG (Eurohypo), its Luxembourg subsidiary EUROHYPO Europaeische Hypothekenbank S.A. (Eurohypo Lux), and Hypothekenbank in Essen AG (Essenhyp). At the same time, Standard & Poor's has affirmed the ratings on the mortgage covered bonds issued by Eurohypo (see ratings list). These rating actions reflect yesterday's announcement by both banks' parent company, Commerzbank AG (A/Stable/A-1), that it will merge both entities in the course of 2008 (see below for related media release). It is expected that the respective cover pools of both banks will be combined, subject to regulatory approval. The...

Companies mentioned in this report are:
- Hypothekenbank Frankfurt AG
- Commerzbank AG
- Hypothekenbank in Essen AG
- Hypothekenbank Frankfurt International S.A.

Action: Affirmed

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.

- Hypothekenbank Frankfurt AG
- Commerzbank AG
- Hypothekenbank in Essen AG
- Hypothekenbank Frankfurt International S.A.

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