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German Bank Eurohypo AG And Related Entities 'A-/A-2' Ratings Affirmed; Outlook Negative Jun 10 Product Image

German Bank Eurohypo AG And Related Entities 'A-/A-2' Ratings Affirmed; Outlook Negative Jun 10

  • Published: June 2010
  • Region: Germany
  • Standard & Poors

Abstract
We believe that Germany-based Eurohypo AG would likely receive additional extraordinary government support through its parent Commerzbank AG, if needed, because we consider Eurohypo a highly systemically important bank to Germany. Under our criteria, this provides the ratings a four-notch uplift from our assessment of Eurohypo's stand-alone credit profile. We are affirming our 'A-/A-2' ratings on Eurohypo and its related subsidiaries. The negative outlook reflects, in our view, Eurohypo's lessening strategic importance to Commerzbank, a likely medium-term ownership change, what we see as Eurohypo's potential vulnerabilities and our uncertainties about Eurohypo's medium-term capacity to improve its stand-alone credit profile to a level consistent with the existing ratings. FRANKFURT (Standard & Poor's) June 28, 2010--Standard & Poor's Ratings Services said today...

Companies mentioned in this report are:
- Hypothekenbank Frankfurt AG

Action: Affirmed
Action: Outlook: Negative

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- Hypothekenbank Frankfurt AG

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