Research Update: Kreissparkasse Miesbach-Tegernsee Outlook To Negative On BayernLB Revision; 'A/A-1' Affirmed Aug 08

Standard & Poors, August 2008

Abstract
On Aug. 1, 2008, Standard & Poor's Ratings Services revised its outlook on Germany-based savings bank Kreissparkasse Miesbach-Tegernsee (KSK-MBT) to negative from stable. At the same time, the 'A/A-1' long-term and short-term counterparty credit ratings were affirmed. The outlook change solely mirrors today's outlook revision on Bayerische Landesbank (BayernLB; A/Negative/A-1). The ratings on BayernLB reflect the overall sound, albeit weakened, aggregate financial strength and risk profile of the bank and the Bavarian Savings Banks (BSBs) as a single economic group (for more details see "BayernLB Outlook To Negative On Delayed Implementation Of Ownership Support; 'A/A-1' Affirmed,? published today on RatingsDirect). The ratings on KSK-MBT are based on our expectation of the support it would receive from the BSBs based on...

Companies mentioned in this report are: Kreissparkasse Miesbach-Tegernsee,Bayerische Landesbank
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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Kreissparkasse Miesbach-Tegernsee,Bayerische Landesbank

Customers who bought this item also bought

• Government Guarantees - In Focus
• The Germany Defense Industry - Market Attractiveness and Emerging Opportunities to 2017: Market Profile
• Germany Defence and Security Report Q4 2012
• Germany Defence and Security Report Q3 2012
• Future of the German Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018
• Defense Expenditure in Germany to 2017: Market Review
• Military Rotorcrafts Market in Germany to 2021: Market Brief
• Military IT, Data and Computing Market in Germany to 2022: Market Brief
• UAV Payload Market in the Germany to 2022: Market Brief
• Homeland Security Expenditure in Germany to 2017: Market Review