Summary: Deutsche Genossenschafts-Hypothekenbank AG Dec 10

Standard & Poors, December 2010

Abstract
The ratings on German cooperative bank Deutsche Genossenschafts-Hypothekenbank AG (DG HYP) are based on DG HYP's 100% ownership by DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK; A+/Stable/A-1) and ongoing support from DZ BANK through a profit-and-loss agreement. The ratings also reflect DG HYP's membership of the cooperative banking sector's protection scheme. In line with Standard & Poor's Ratings Services' group methodology, we maintain DG HYP's ratings one notch below those on DZ BANK and the cooperative banking sector because we do not consider DG HYP to be "core" to the sector. This is because of its only partially sector-related business model and limited importance of its commercial real estate (CRE) operations to DZ BANK. It also reflects DG HYP's poor...

Companies mentioned in this report are: Deutsche Genossenschafts-Hypothekenbank AG
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Deutsche Genossenschafts-Hypothekenbank AG

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