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Business Model And Credit Concerns Prompt Downgrades And Negative Outlooks On German Landesbanks May 09
Standard & Poors, May 2009
Abstract
Following a review of all six rated German Landesbanks, Standard & Poor's Ratings Services has today taken various rating actions, downgrading five institutions by at least one notch, and revising the outlook on Landesbank Hessen-Thueringen (Helaba) to negative (see Table 1). The review focused on: The potential impact of a sharply deteriorated economic outlook on the asset quality of these banks; Their short- to medium-term business prospects in light of ongoing market dislocations; The challenges they face to their funding capacity and capital requirement in a fundamentally changing banking environment (for further details see 'Franchise Stability, Confidence Sensitivity, And The Treatment Of Hybrid Securities In A Downturn,' published on Dec. 1, 2008); and The agreed and expected extraordinary support measures...
Companies mentioned in this report are: Landesbank Hessen-Thueringen Girozentrale,Norddeutsche Landesbank Girozentrale (Unsolicited Ratings),WestLB AG (Unsolicited Ratings),Bayerische Landesbank,Landesbank Baden-Wuerttemberg,HSH Nordbank AG
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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