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Bulletin: DZ BANK Ratings Not Immediately Affected By Prospective Loss For Full-Year 2008 Jan 09
Standard & Poors, Jan 2009
Abstract
FRANKFURT (Standard & Poor's) Jan. 26, 2008--Standard & Poor's Ratings Services said today that its ratings on Germany-based cooperative bank, DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK; A+/Stable/A-1), are not immediately affected by the bank's indication of a consolidated net loss of about -1 billion for full-year 2008, based on preliminary and unaudited figures. This reflects our understanding that the major elements behind the loss were mark-to-market valuations on DZ BANK's large portfolio of bank and public-sector bonds, which we expect to recover over time. DZ BANK was also hit by extraordinary losses related to the default of Lehman Brothers, Icelandic banks, and a substantial markdown on its stake in Natixis, which was already communicated to the market in fourth-quarter...
Companies mentioned in this report are: 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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