Research Update: DZ Bank Deutsche Zentral-Genossenschaftsbank AG Aug 02
Standard & Poors, August 2002
Abstract
On Aug. 7, 2002, Standard & Poor's Ratings Services lowered its counterparty credit ratings on DZ Bank Deutsche Zentral-Genossenschaftsbank AG (DZ Bank) to single-'A'-minus/'A-2' from single-'A'/'A-1'. The outlook is negative. The triple-'A' ratings on DZ Bank's senior secured covered bonds were affirmed. The rating actions follow Standard & Poor's review of the German cooperative banking sector (including DZ Bank) and reflect further deterioration of DZ Bank's business and risk profiles--mainly as a result of significant asset quality problems--which is expected to further delay the bank's recovery process. The rating actions equally reflect further weakening in the German cooperative banking sector's core profitability levels as a result of persistent margin pressure and insufficient efficiency improvements, despite the ongoing consolidation process. At...
Companies mentioned in this report are:
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
- 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
Action: Various Rating Actions
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
- 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
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