The ratings on German cooperative bank Deutsche Genossenschafts-Hypothekenbank AG (DG HYP) are based on DG HYP's 100% ownership by DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK; A+/Stable/A-1) and ongoing support from DZ BANK through a profit-and-loss agreement. The ratings also reflect DG HYP's membership of the cooperative banking sector's protection scheme. However, the ratings are one notch below those on DZ BANK and the consolidated creditworthiness of the German cooperative banking sector, which Standard & Poor's Ratings Services views as a single cohesive economic group (see the full analysis "Cooperative Banking Sector Germany," published on Oct. 2, 2009, on RatingsDirect). This is because we moderately differentiate the ratings on DG HYP from those on what we consider to be "core"...
Companies mentioned in this report are:
- Deutsche Genossenschafts-Hypothekenbank AG
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
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