VR Leasing AG Dec 10
Standard & Poors, December 2010
Abstract
Ownership support from the German cooperative banking sector. Integration into DZ BANK's strong risk management and high granularity and collateralization. Business and earnings concentrations in the cyclical leasing business. Increased pressures on modest profitability amid very difficult markets. Weak capitalization. The ratings on Germany-based VR Leasing AG (VRL) are based on the consolidated creditworthiness of the German cooperative banking sector, which Standard & Poor's Ratings Services views as a single cohesive economic group. Owing to VRL's full ownership by the sector's two central banks (DZ BANK AG Deutsche Zentral-Genossenschaftsbank [DZ BANK; A+/Stable/A-1; 84%] and WGZ Bank [not rated; 16%]) and its strategic importance to the sector, we expect the company to receive solidarity support from the cooperative sector if necessary....
Companies mentioned in this report are:
- VR Leasing AG
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
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
- VR Leasing AG
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
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