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Bayerische Hypo- und Vereinsbank, Bank Austria Outlooks Revised to Stable; Ratings Affmd Feb 04
Standard & Poors, Feb 2004
Abstract
FRANKFURT (Standard & Poor's) Feb. 26, 2004--Standard & Poor's Ratings Services said today it revised to stable from negative its outlook on Bayerische Hypo- und Vereinsbank AG (HVB) and Bank Austria Creditanstalt AG (BA). At the same time, it affirmed its 'A-' long-term and 'A-2' short-term counterparty credit and certificate of deposit ratings on both companies. The rating actions mainly reflect: -- The turnaround in HVB's operating results by about -1.5 billion in 2003 resulting primarily from reduced provisioning needs and cost cutting; -- The announcement of HVB's rights issue to absorb the write-off of various financial investments and goodwill, and to partially restore capital ratios; -- The expectation that owing to the bank's strategic initiatives, HVB's operating results will...
Companies mentioned in this report are: UniCredit Bank AG,UniCredit Bank Austria AG
Action: Affirmed
Action: Outlook: Stable
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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