Eurohypo AG May 08

Standard & Poors, May 2008

Abstract
Core strategic subsidiary of Commerzbank AG Sound domestic commercial real estate market position and solid international track record Improved risk and financial profile from international business repositioning and domestic restructuring Wholesale business concentrations, with largely untested resilience against potential economic slowdowns Limited earnings and business diversification Cost of remaining domestic loan legacies The counterparty credit ratings on Eurohypo AG are based on its core strategic status to Commerzbank AG (A/Stable/A-1), which reflects the bank's full ownership by, and close operational and organizational integration into Commerzbank. This raises the ratings on Eurohypo by one notch. Eurohypo's stand-alone risk and financial profile benefits from its sound position as Germany's largest mortgage bank, the progress of its solid international earnings and risk diversification...

Companies mentioned in this report are:
- Hypothekenbank Frankfurt AG
- Commerzbank AG
- Commerzbank International S.A.
- BRE Bank S.A. (Unsolicited Ratings)
- Commerzbank Europe (Ireland)
- Hypothekenbank in Essen AG
- Hypothekenbank Frankfurt International S.A.
- 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.

Research Type: Full Analysis

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

Customers who bought this item also bought

• Public Affairs Ireland Subscription Service
• The Irish Defense Industry - Competitive Landscape and Strategic Insights to 2017: Market Profile
• Army Expenditure in Ireland to 2017: Market Brief
• Navy Expenditure in Ireland to 2017: Market Brief
• The Irish Defense Industry - Industry Dynamics to 2017: Market Profile
• The Irish Defense Industry - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2017
• Defense Expenditure in Ireland to 2017: Market Review
• The Irish Defense Industry - Market Entry Strategy to 2017: Market Profile
• Homeland Security Expenditure in Ireland to 2017: Market Review
• Army Expenditure in Ireland to 2016: Market Brief