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Banque Worms, S.A. Nov 00
Standard & Poors, Nov 2000
Abstract
The ratings on Banque Worms, S.A. were placed on CreditWatch with positive implications on Oct. 25, 2000, subsequent to the announcement that Deutsche Bank AG (AA/Stable/A-1+) had signed a letter of intent to acquire the bank's core businesses from AXA S.A. (A+/Stable/A-1). Although the terms of the acquisition are still being negotiated, the transaction is expected to close during the first quarter of 2001. Standard & Poor's considers that, as a wholly owned subsidiary of Deutsche Bank, Banque Worms will benefit from a stable shareholder that could provide it with the financial flexibility necessary to pursue its new strategic direction, while also strengthening its weak financial profile. Despite various waves of restructuring over the course of the past decade, Banque...
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
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