Research Update: DZ BANK AG Deutsche Zentral-Genossenschaftsbank Aug 04

Standard & Poors, August 2004

Abstract
On Aug. 24, 2004, Standard & Poor's Ratings Services revised to stable from negative its outlooks on DZ Bank AG Deutsche Zentral-Genossenschaftsbank (DZ BANK) and on other rated members of the German cooperative banking sector. At the same time, it affirmed its 'A-' long-term and 'A-2' short-term counterparty credit and certificate of deposit ratings on DZ BANK--including its subsidiaries Deutsche Genossenschafts-Hypothekenbank AG, DZ Bank International S.A., and DZ Bank Ireland PLC--and on Westfälische Landschaft Bodenkreditbank AG and on cooperative sector member banks, Deutsche Apotheker- und Ärztebank eG. In addition, it affirmed its 'BBB+' long-term and 'A-2' short-term ratings on DVB Bank AG and VR Leasing AG. The rating actions mainly reflect: The expectation of a continued turnaround of DZ BANK's...

Companies mentioned in this report are:
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
- R+V Versicherung AG
- DZ Bank Ireland PLC
- DZ PRIVATBANK S.A.
- Deutsche Genossenschafts-Hypothekenbank AG
- Deutsche Apotheker- und Aerztebank eG
- WL BANK AG Westfaelische Landschaft Bodenkreditbank
- DVB Bank SE
- VR Leasing AG

Action: Outlook: Stable

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
- R+V Versicherung AG
- DZ Bank Ireland PLC
- DZ PRIVATBANK S.A.
- Deutsche Genossenschafts-Hypothekenbank AG
- Deutsche Apotheker- und Aerztebank eG
- WL BANK AG Westfaelische Landschaft Bodenkreditbank
- DVB Bank SE
- VR Leasing AG

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