LONDON (Standard & Poor's) July 24, 2008Standard & Poor's Ratings Services said today that it has lowered its ratings on the class A1+, A2, B, and C notes issued by Hypo Real Estate Bank AG (ESTATE Pan-Europe 5) (see list below). The ratings on the remaining notes in the transaction are unaffected. The notes were issued in December 2007 by Hypo Real Estate Bank and were secured against public credit-covered securities issued by DEPFA ACS (the note collateral). Thus, the rating on the notes was capped at the rating on the note collateral ('AAA'). Hypo has now secured the removal of the note collateral for the class A1+, A2, B, C, and D notes in agreement with all noteholders, which...
Companies mentioned in this report are:
- Deutsche Pfandbriefbank AG
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