DEPFA BANK PLC Jan 11
Standard & Poors, January 2011
Abstract
High systemic importance and 100% government owned. Improved asset quality. Reduced market and liquidity risk. Lack of a viable business model. Limited funding options. Low loss absorption capacity. Uncertainty regarding European Commission rulings. The ratings on DEPFA BANK PLC (Depfa) and its subsidiaries Depfa ACS Bank, Depfa Bank Europe PLC, Hypo Public Finance Bank, and Hypo Pfandbriefbank International S.A. reflect Standard & Poor's Ratings Services' expectation that Depfa group will remain of high systemic importance to the Federal Republic of Germany (AAA/Stable/A-1+) over the medium term. The German government indirectly owns Depfa group through its 100% stake in Hypo Real Estate Holding AG (not rated), Depfa's direct parent. We believe that Depfa group would likely receive additional extraordinary government support...
Companies mentioned in this report are:
- Depfa Bank PLC
- Depfa Bank Europe PLC
- Hypo Public Finance Bank
- Deutsche Pfandbriefbank AG
- Hypo Pfandbrief Bank International S.A.
- Depfa ACS Bank
- Hypo Real Estate International Trust I
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
- Depfa Bank PLC
- Depfa Bank Europe PLC
- Hypo Public Finance Bank
- Deutsche Pfandbriefbank AG
- Hypo Pfandbrief Bank International S.A.
- Depfa ACS Bank
- Hypo Real Estate International Trust I
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