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BULLETIN: Austrian Erste Bank's Acquisition of Hungarian Postabank Will Not Affect Rating Sep 03
Standard & Poors, Sep 2003
Abstract
FRANKFURT (Standard & Poor's) Sept. 29, 2003--Standard & Poor's Ratings Services said today that Austria-based Erste Bank der oesterreichischen Sparkassen AG's (Erste; --/--/A-2) successful tender to acquire Hungary-based Postabank - Takar-kp-nzt-r Rt. (Postabank; not rated) will not affect the rating on Erste. The goodwill that Erste will have to pay for currently loss-making Postabank will again pressure its low capitalization, which remains the primary negative rating factor for Erste. However, the profile of retail-focused Postabank fits well into the bank's strategy, and as Erste's restructuring track record--particularly in Eastern Europe--has allowed it to improve earnings retention, the impact on its capitalization should be mitigated in the medium term. On Sept. 25, 2003, the Hungarian privatization company -PV announced that Erste...
Companies mentioned in this report are: Erste Group Bank AG
Action: S&P Event
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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