Standard & Poor's Applies Revised Bank Criteria To The German Cooperative Banking Sector And Core Subs Dec 11

Standard & Poors, December 2011

Abstract
FRANKFURT (Standard & Poor's) Dec. 5, 2011--Standard & Poor's Ratings Services today said it reviewed its ratings on the German Cooperative Banking Sector by applying our new ratings criteria for banks, which was published on Nov. 9, 2011. See the list below for the ratings on these banks and most of their core and highly strategically important subsidiaries, including any rating changes that resulted from applying our new criteria. We will publish individual research updates on banks identified below including a list of ratings on affiliated rated entities, as well as the ratings by debt type--senior, subordinated, junior subordinated, and preferred stock. The research updates will be available at www.standardandpoors.com/AI4FI and on RatingsDirect on the Global Credit Portal. Ratings on...

Companies mentioned in this report are:
- Deutsche Genossenschafts-Hypothekenbank AG
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
- R+V Versicherung AG
- DZ Bank Ireland PLC
- DZ PRIVATBANK S.A.
- Deutsche Apotheker- und Aerztebank eG
- WL BANK AG Westfaelische Landschaft Bodenkreditbank
- DVB Bank SE
- KRAVAG-LOGISTIC Versicherungs AG

Action: Upgraded

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.

- Deutsche Genossenschafts-Hypothekenbank AG
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
- R+V Versicherung AG
- DZ Bank Ireland PLC
- DZ PRIVATBANK S.A.
- Deutsche Apotheker- und Aerztebank eG
- WL BANK AG Westfaelische Landschaft Bodenkreditbank
- DVB Bank SE
- KRAVAG-LOGISTIC Versicherungs AG

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