Ratings Affirmed On Depfa ACS Bank's Public-Sector Covered Bonds Aug 10

Standard & Poors, August 2010

Abstract
OVERVIEW Today's rating actions follow the application of our revised criteria for assessing asset-liability mismatch risk in covered bonds. We have affirmed and removed from CreditWatch developing our 'AA' ratings on Depfa ACS Bank's public-sector covered bonds. We have also assigned a stable outlook to the covered bonds issued under the covered bond program. FRANKFURT (Standard & Poor's) Aug. 16, 2010--Standard & Poor's Ratings Services today affirmed and removed from CreditWatch developing its 'AA' credit ratings on Depfa ACS Bank's (BBB/Watch Pos/A-2) public-sector covered bonds ("asset-covered securities"; ACS). At the same time, we have assigned a stable outlook to these public-sector covered bonds (see ratings list below). Today's affirmations follow the application of our updated covered bond criteria (see "Revised...

Companies mentioned in this report are:
- Depfa ACS Bank

Action: Affirmed
Action: Outlook: Stable
Action: Removed From CreditWatch

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.

- Depfa ACS Bank

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