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Bayerische Hypo- und Vereinsbank Ratings Unaffected by Spin-Off of Subsidiaries Oct 03
Standard & Poors, Oct 2003
Abstract
FRANKFURT (Standard & Poor's) Oct. 2, 2003--Standard & Poor's Ratings Services said today that the spin-off of five subsidiaries of Germany-based Bayerische Hypo- und Vereinsbank AG (HVB; A-/Negative/A-2) will not affect the ratings or outlook on HVB in the short term (see the media release entitled 'Four HVB Group Subsidiaries Ratings Off Watch After Spin-Off; Hypo International Assigned 'A-'', published on Oct. 1, 2003, on RatingsDirect, Standard & Poor's Web-based credit analysis system). Despite the legal separation, which became effective on Sept. 29, 2003, HVB will continue to have substantial business ties to its former subsidiaries: -- HVB will provide a limited guarantee of up to -590 million until year-end 2004 to cover potential credit losses of HVB Real Estate...
Companies mentioned in this report are: UniCredit Bank AG,Hypo Public Finance Bank,Deutsche Pfandbriefbank 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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