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Bayerische Hypo- und Vereinsbank AG Feb 06
Standard & Poors, Feb 2006
Abstract
Strategic importance to UniCredito Italiano SpA (A+/Negative/A-1); Domestic franchise, mainly in Bavaria; and Restructuring expected to lead to improved earnings in 2005 and beyond. Still difficult operating environment in Germany; Weak domestic mortgage loan book; Weak capitalization; and Modest albeit improving core earnings. The ratings on Germany-based Bayerische Hypo- und Vereinsbank AG (HVB) are based on its strategically important status within the Unicredito group. They also reflect HVB's franchise among private and corporate customers, particularly in Bavaria and to lesser extent in Northern Germany, and Standard & Poor's Ratings Services expectation that the strengthening of loan-loss reserves (LLRs) and restructuring measures, which have reduced HVB's capitalization to very low levels, will be largely offset by improved future earnings retention to...
Companies mentioned in this report are: UniCredit Bank AG,UniCredit Bank Austria AG,Hypovereins Finance N.V.,Unicredit Luxembourg S.A.,HVB Australia Pty. Ltd.
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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