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BULLETIN: Dresdner Bank Realignment Highlights Need To Improve Earnings Jun 06
Standard & Poors, June 2006
Abstract
FRANKFURT (Standard & Poor's) June 22, 2006--Standard & Poor's Ratings Services said today that the business realignment announced today by Dresdner Bank AG (A+/Stable/A-1) to achieve an integrated business model has no impact on its ratings on the bank. Restructuring costs of up to -400 million associated with the program are almost completely offset by gains on the sale of its shares in Munich Reinsurance Co. (Munich Re; A+/Stable/--) and Eurohypo AG (A-/Stable/A-2) booked in the first quarter of 2006. On the other hand, the targeted cost savings of about -250 million by 2008 are expected to do no more than stabilize the bank's cost base by that stage. With the announced realignment, Dresdner still has to demonstrate that it...
Companies mentioned in this report are: Dresdner Bank AG,Munich Reinsurance Co.,Eurohypo AG
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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