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Amendments to German Pfandbrief Framework Will Strengthen Quality of Pfandbriefe, Report Says Mar 04
Standard & Poors, March 2004
Abstract
FRANKFURT (Standard & Poor's) March 15, 2004--New amendments to the legal framework for German Pfandbriefe passed by the German upper house of parliament (Bundesrat) on March 12, 2004, clarify some of the remaining uncertainties for Pfandbrief issuers, according to a report published today by Standard & Poor's Ratings Services. 'The amendments are a further step toward strengthening the quality of the Pfandbrief product in an increasingly competitive and innovative European covered bond market,' said Standard & Poor's credit analyst Karlo Fuchs. 'Despite these improvements, however, Standard & Poor's believes it will not be possible for banks to achieve and maintain a 'AAA' rating for their Pfandbriefe by simply meeting the--increased--minimum regulatory requirements,' added Standard & Poor's credit analyst Michael Zlotnik....
Companies mentioned in this report are: Landesbank Hessen-Thueringen Girozentrale,Norddeutsche Landesbank Girozentrale (Unsolicited Ratings),WestLB AG (Unsolicited Ratings),Bayerische Landesbank,Germany (Federal Republic of) (Unsolicited Ratings),Rheinland-Pfalz Bank,DekaBank Deutsche Girozentrale,Helaba Dublin Landesbank Hessen-Thueringen International,DZ BANK AG Deutsche Zentral-Genossenschaftsbank ,Landesbank Baden-Wuerttemberg,Sachsen Bank,NRW.BANK,Westdeutsche ImmobilienBank,HSH Nordbank AG,EAA Covered Bond Bank Public Ltd Co.
Action: General Comment
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.
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