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Issue Ratings Lowered On Hybrid Instruments Of Some European Banks On Heightened Deferral Risk Jan 09 Product Image

Issue Ratings Lowered On Hybrid Instruments Of Some European Banks On Heightened Deferral Risk Jan 09

  • ID: 1752607
  • January 2009
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • Belfius Bank SA/NV
  • Belfius Financing Co.
  • BNP Paribas Fortis SA/NV
  • Commerzbank AG
  • Dexia Credit Local
  • Dresdner Bank AG
  • MORE

Abstract
PARIS (Standard & Poor's) Jan. 28, 2009--Standard & Poor's Ratings Services said today that it has lowered the issue ratings on the hybrid capital securities of several European financial institutions by two or more notches following our review of institutions that have received material government capital support: --Commerzbank AG (A/Stable/A-1), plus subsidiaries Dresdner Bank AG (A/Stable/A-1) and Eurohypo AG (A/Negative/A-1); --Entities of the group Dexia S.A.: Dexia Crédit Local, Dexia Banque Internationale à Luxembourg, and Dexia Bank S.A. (all three entities A/Stable/A-1); --Fortis Bank SA/NV (A/Watch Pos/A-1), and --Northern Rock PLC (A/Stable/A-1). Note that several of the issue ratings of the issuing groups remain on CreditWatch with negative or developing implications due to uncertainties regarding restructuring plans and the future...

Companies mentioned in this report are:
- Commerzbank AG
- Dresdner Bank AG
- Banque Internationale a Luxembourg
- BNP Paribas Fortis SA/NV
- Dexia Credit Local
- NRAM PLC
- Belfius Financing Co.
- Dresdner Funding Trust I
- Belfius Bank SA/NV
- Dresdner Funding Trust IV
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- Commerzbank AG
- Dresdner Bank AG
- Banque Internationale a Luxembourg
- BNP Paribas Fortis SA/NV
- Dexia Credit Local
- NRAM PLC
- Belfius Financing Co.
- Dresdner Funding Trust I
- Belfius Bank SA/NV
- Dresdner Funding Trust IV
- Hypothekenbank Frankfurt AG
- Commerzbank Capital Funding Trust I
- Commerzbank Capital Funding Trust II
- HT1 Funding GmbH
- UT2 Funding PLC
- Dexia Funding Luxembourg S.A.
- Commerzbank Capital Funding Trust III

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