Summary: Bayerische Hypo- und Vereinsbank AG Nov 06

Standard & Poors, November 2006

Abstract
The ratings on Germany-based Bayerische Hypo- und Vereinsbank AG (HVB) are based on its strategically important status within the UniCredito 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 profile will change substantially through the planned group-internal transactions over the next few quarters. According to the plan, HVB will sell its 77.53% stake in Bank Austria Creditanstalt AG (BA; A/Positive/A-1), its subsidiary in the Ukraine, and its asset-management business to UniCredito, and its subsidiaries in Russia and the Baltic region to BA in the course of 2006. HVB is expected to use...

Companies mentioned in this report are:
- UniCredit Bank AG
- UniCredit SpA
- UniCredit Bank Austria AG

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- UniCredit Bank AG
- UniCredit SpA
- UniCredit Bank Austria AG

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