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ARCHIVE | Criteria | Structured Finance | Covered Bonds: Pfandbriefe Rating Criteria Affirmed Apr 98
Standard & Poors, April 1998
Abstract
(Editor's note: These criteria are no longer valid.) Standard&Poor's recently affirmed its criteria for rating Pfandbriefe issued by German mortgage and public sector banks, in light of amendments to The Mortgage Bank Act (Hypothekenbankgesetz) and The Act on Pfandbriefe and Similar Bonds of Public Sector Banks (Gesetz uber die Pfandbriefe und verwandte Schuldverschreibungen oeffentlich-rechtlicher Kreditanstalten). The amendments are slated for implementation this month. Specifically, Standard&Poor's affirms its outstanding 'AAA' ratings on approximately $76.6 billion of Oeffentliche Pfandbriefe. 'The German Pfandbriefe market made very impressive strides in 1997,' said Dr. J-rgen Haferkorn, an associate director with Standard&Poor's Structured Finance Ratings in London. 'Increased issuance resulted in more than DM1.5 trillion (over $840 million) in total volume outstanding.' Pfandbriefe are special bonds...
Companies mentioned in this report are: London Assurance (The),Hypothekenbank in Essen AG
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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