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BULLETIN: Germany's ApoBank Ratings Unchanged Following Legal Action From Major Client Jan 05
Standard & Poors, Jan 2005
Abstract
FRANKFURT (Standard & Poor's) Jan. 4, 2005--Standard & Poor's Ratings Services said today that the ratings and outlook on Deutsche Apotheker- und -rztebank eG (ApoBank; A-/Stable/A-2) are unaffected by the announcement that a major client will instigate legal action seeking damages of -391 million based on alleged unlawful lending. While it is impossible to predict the outcome of the legal action or the impact on ApoBank's financial profile--if any--at this stage, Standard & Poor's understands that the bank has taken reasonable measures during the lending relationship to avoid undue legal or credit risk. At this stage, it is still unclear if the presiding court will allow the action to proceed. The ratings on ApoBank continue to be based on the...
Companies mentioned in this report are: Deutsche Apotheker- und Aerztebank eG,DZ BANK AG Deutsche Zentral-Genossenschaftsbank
Action: Bulletin
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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