Summary: DG Bank Deutsche Genossenschaftsbank AG Mar 01
Standard & Poors, March 2001
Abstract
The rating on DG Bank Deutsche Genossenschaftsbank AG's (DG Bank) covered bonds primarily reflects the bonds' collateral and the protections afforded by German insolvency and banking laws. The covered bonds in many aspects are similar to Pfandbriefe that are issued by other German financial institutions. DG Bank maintains a segregated, revolving pool of assets on which the holders of covered bonds have a preferential claim. The amount of collateral is sufficient to absorb potential credit losses, pay interest on, and repay principal of the covered bonds as they become due, even in the unlikely event that the bank becomes insolvent or is unable to meet its other obligations. The quality of the collateral and the adequacy of cash flows are...
Companies mentioned in this report are:
- 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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
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