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Bulletin: Hypo Real Estate Group Entities' Covered Bonds Affected By Restructuring Announcement Oct 10
Standard & Poors, Oct 2010
Abstract
OVERVIEW Hypo Real Estate (HRE) group has announced significant asset transfers affecting the group's four rated covered bond programs on Oct. 5, 2010. It expects to finalize the restructurings by mid-November 2010. We understand that the covered bond program restructuring is aimed at improving credit and ALMM risk in the cover pools by transferring nonstrategic assets to FMS Wertmanagement. On Oct. 8, we affirmed our issuer credit ratings on the five rated members of the HRE group. HRE group's covered bond ratings currently benefit from the maximum elevation possible under our covered bond criteria. Proposed restructurings will require an in-depth re-assessment of the credit and cash flow risk once we receive the relevant information. FRANKFURT (Standard & Poor's) Oct. 12,...
Companies mentioned in this report are: Deutsche Pfandbriefbank AG,Hypo Pfandbrief Bank International S.A.,Depfa ACS Bank
Action: Bulletin
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.
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