Savings Bank Kreissparkasse Miesbach-Tegernsee Assigned 'AA-' Ratings; Future Unguaranteed 'A' Feb 05

Standard & Poors, February 2005

Abstract
FRANKFURT (Standard & Poor's) Feb. 18, 2005--Standard & Poor's Ratings Services said today it assigned its 'AA-/A-1+' counterparty credit ratings to Germany-based savings bank Kreissparkasse Miesbach-Tegernsee (KSK-MBT). The outlook is negative. At the same time, Standard & Poor's assigned its 'A' rating on KSK-MBT's unguaranteed obligations. KSK-MBT, a member savings bank in the region of Bavaria, is the first savings bank in Germany to be publicly rated by Standard & Poor's. The counterparty credit rating and outlook will only apply for the short interim period in which explicit guarantees by the County of Miesbach (Miesbach; AA-/Stable/A-1+; newly rated only as guarantor of KSK-MBT) remain in place. State guarantees for German Landesbanks and savings banks will be abolished on July 18,...

Companies mentioned in this report are: Kreissparkasse Miesbach-Tegernsee,Bayerische Landesbank,Miesbach (County of),Kreissparkasse Miesbach-Tegernsee UNGUARANTEED
Action: New Rating
Action: Outlook: Negative

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.

Kreissparkasse Miesbach-Tegernsee,Bayerische Landesbank,Miesbach (County of),Kreissparkasse Miesbach-Tegernsee UNGUARANTEED

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