Research Update: HVB Real Estate Bank AG Dec 02
Standard & Poors, December 2002
Abstract
On Dec. 9, 2002, Standard & Poor's Ratings Services lowered its long-term counterparty credit and senior unsecured debt ratings on HVB Real Estate Bank AG (HVB REB), Wuerttembergische Hypothekenbank AG (WürttHyp), Westfaelische Hypothekenbank AG (WestHyp), and Pfandbrief Bank International S.A. (PBI) to 'BBB+' from 'A-'. At the same time, the 'A-2' short-term counterparty credit ratings were affirmed. The outlook is negative. In addition, the ratings on all four entities were removed from CreditWatch, where they were placed on Oct. 24, 2002, following weaker-than-expected third-quarter results of their majority owner, Bayerische Hypo- und Vereinsbank AG (HVB), and HVB's announcement concerning its spin-off of its mortgage bank subsidiaries. The long-term counterparty credit and senior unsecured debt ratings on HVB were lowered to...
Companies mentioned in this report are:
- Deutsche Pfandbriefbank AG
- Westfaelische Hypothekenbank AG
- UniCredit Bank AG
- Hypo Real Estate Bank International AG
- Hypo Pfandbrief Bank International S.A.
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Deutsche Pfandbriefbank AG
- Westfaelische Hypothekenbank AG
- UniCredit Bank AG
- Hypo Real Estate Bank International AG
- Hypo Pfandbrief Bank International S.A.
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