Bayerische Hypo- und Vereinsbank AG Dec 07

Standard & Poors, December 2007

Abstract
Core member of UniCredito Italiano SpA Domestic franchise, mainly in Bavaria Improved earnings trend due to restructuring Sound liquidity management Weak, but decreasing, domestic mortgage loan book High earnings reliance on capital markets Modest business and earnings diversification after the sale of Bank Austria Creditanstalt AG The ratings on Germany-based Bayerische Hypo- und Vereinsbank AG (HVB) are based on its core status within the UniCredito Italiano SpA (UniCredito; A+/Stable/A-1) group. The 'AAA' ratings on HVB's Öffentliche Pfandbriefe primarily reflect the quality of Pfandbriefe collateral, coupled with protections afforded by German insolvency and banking laws. HVB's Hypothekenpfandbriefe are not rated by Standard & Poor's Ratings Services. HVB's core status, which raises the ratings on HVB by three notches, reflects the 95.4%...

Companies mentioned in this report are:
- UniCredit Bank AG
- UniCredit SpA
- UniCredit Bank Austria AG
- MedioCredito Centrale SpA
- Zagrebacka banka dd
- Bank Polska Kasa Opieki S.A.
- UniCredit Bulbank AD
- UniCredit Leasing SpA
- ATF Bank
- Unicredit Luxembourg S.A.
- UniCredit Corporate Banking SpA

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

- UniCredit Bank AG
- UniCredit SpA
- UniCredit Bank Austria AG
- MedioCredito Centrale SpA
- Zagrebacka banka dd
- Bank Polska Kasa Opieki S.A.
- UniCredit Bulbank AD
- UniCredit Leasing SpA
- ATF Bank
- Unicredit Luxembourg S.A.
- UniCredit Corporate Banking SpA

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