Ratings Affirmed And Outlook Assigned On Deutsche Pfandbriefbank's Mortgage Covered Bonds Aug 10

Standard & Poors, August 2010

Abstract
OVERVIEW Today's rating actions follow the application of our revised criteria for assessing asset-liability mismatch risk in covered bonds. We have affirmed and removed from CreditWatch negative our 'AA+' ratings on Deutsche Pfandbriefbank's mortgage covered bonds. We have also assigned a stable outlook to the covered bonds issued under the covered bond program. FRANKFURT (Standard & Poor's) Aug. 27, 2010--Standard & Poor's Ratings Services today affirmed and removed from CreditWatch negative its 'AA+' credit ratings on Deutsche Pfandbriefbank AG's (BBB/Watch Pos/A-2) mortgage covered bonds ("Hypothekenpfandbrief"). At the same time, we have assigned a stable outlook to these mortgage covered bonds (see ratings list below). Today's affirmation follows the application of our updated covered bond criteria (see "Revised Methodology And Assumptions...

Companies mentioned in this report are:
- Deutsche Pfandbriefbank AG

Action: Affirmed
Action: Outlook: Stable
Action: Removed From CreditWatch

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.

- Deutsche Pfandbriefbank AG

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