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Hypo Real Estate Bank AG Sep 08
Standard & Poors, Sep 2008
Abstract
Sound quality of the commercial real estate portfolio, owing to strong credit-risk management Strong regional diversification Improving business diversification Lean cost structure Sizable losses on structured credit portfolio weigh on capital resources and financial flexibility Reliance on wholesale funding Public finance lending business is particularly susceptible to credit-spread risk Vulnerability to concentration risks, mostly in commercial real estate lending The ratings on Germany-based Hypo Real Estate Bank AG (HRE Bank AG) and the other six rated entities of the Hypo Real Estate group (HRE) reflect the good overall asset quality within the group, which underpins Standard & Poor's Ratings Services expectation that a rise in new loan loss provisioning requirements will remain manageable. The 2007 acquisition of Ireland-based DEPFA BANK...
Companies mentioned in this report are: Deutsche Pfandbriefbank AG,Depfa Deutsche Pfandbriefbank AG,Hypo Public Finance Bank,UniCredit Bank AG,Hypo Real Estate Bank International AG,Hypo Pfandbrief Bank International S.A.,Depfa Bank PLC,Depfa ACS Bank,Hypo Real Estate Holding AG,Hypo Real Estate International Trust I
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.
Research Type: Full Analysis
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