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BULLETIN: Bayerische Hypo- und Vereinsbank AG Records Fourth-Quarter Net Loss Feb 03
Standard & Poors, Feb 2003
Abstract
Standard & Poor's Ratings Services said today that its ratings and outlook on Bayerische Hypo- und Vereinsbank AG (HVB; A-/Negative/A-2) remain unchanged following the bank's weak fourth-quarter results. The results were in line with Standard & Poor's expectations, which were reflected in the recent downgrade of its counterparty credit ratings on HVB on Dec. 9, 2002. HVB's -1.1 billion fourth-quarter net loss was largely caused by several one-off expenses, whereas operating profit was mildly positive after a loss in the third quarter. However, Standard & Poor's negative outlook on HVB continues to reflect concerns about the bank's ability to reverse its downward earnings trend as the operating environment is expected to remain highly challenging in 2003. Standard & Poor's will...
Companies mentioned in this report are: UniCredit Bank AG
Action: S&P Event
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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