- Language: English
- Published: October 2012
- Region: Germany
Summary: Hypothekenbank in Essen AG Jun 07
- Published: June 2007
- Standard & Poors
The ratings on Germany-based mortgage bank Hypothekenbank in Essen AG (EssenHyp) reflect its sound stand-alone profile, underpinned by low credit risk, a very lean cost base, and its increasing integration into its parent, Commerzbank AG (A/Stable/A-1). Constraining factors are the bank's low business and revenue diversification; focus on secondary-market investments with public sector issuers, resulting in limited franchise value; and above-average interest rate risk. The 'AAA' ratings on EssenHyp's -ffentliche Pfandbriefe (public sector covered bonds) continue to reflect the quality of collateral and the cash flow adequacy of the bank's Pfandbriefe (covered bonds), coupled with protections afforded by German insolvency and banking laws. EssenHyp maintains a segregated, revolving pool of high-quality public sector loans, on which the -ffentliche Pfandbriefe have...
Companies mentioned in this report are: Hypothekenbank in Essen AG
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Hypothekenbank in Essen AG