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Eurohypo-New's Mortgage Pfandbriefe Off CreditWatch; 'AAA' Ratings Affirmed Feb 03
Standard & Poors, February 2003
FRANKFURT (Standard & Poor's) Feb. 17, 2003--Standard & Poor's Ratings Services said today it affirmed its 'AAA' ratings on the Hypotheken (mortgage) Pfandbriefe of Eurohypo AG (Eurohypo-New; A/Stable/A-1) and removed them from CreditWatch. "Standard & Poor's rating action follows its review of Eurohypo-New's mortgage collateral pool and related cash flows that resulted from Eurohypo-New's three predecessor banks, which merged to create Eurohypo-New on Aug. 13, 2002," said Standard & Poor's credit analyst Harm Semder. As a result, the 'AAA' ratings on Eurohypo-New's Hypothekenpfandbriefe reflect the quality of the collateral, the adequacy of cash flows, and maintenance of adequate overcollateralization levels. All these factors are subject to Standard & Poor's regular surveillance. Complete ratings information is available to subscribers of RatingsDirect,...
Companies mentioned in this report are: Eurohypo AG
Action: Affirmed, Off CreditWatch
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.