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Research Update: Germany-Based Deutsche Postbank 'A/A-1' Ratings Affirmed On Bank Criteria Change; Outlook Negative Nov 11

Description:

Abstract
Following a review under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'A/A-1' ratings on Deutsche Postbank AG and revised the outlook to negative from stable. In our view, Postbank has an adequate business position, weak capital and earnings, a moderate risk position, average funding, and adequate liquidity, reflecting the stand-alone credit profile (SACP) of 'bbb-'. We consider Postbank to be highly strategic to its majority shareholder Deutsche Bank AG, which results in a four-notch rating uplift from the SACP. The negative outlook reflects that on Deutsche Bank. As we previously announced on Nov. 29, 2011, Standard & Poor's Ratings Services affirmed its 'A/A-1' long-term and short-term counterparty credit ratings on Germany-based Deutsche...

Companies mentioned in this report are:
- Deutsche Postbank AG
- Deutsche Bank AG
- BHW Bausparkasse AG Hameln

Action: Affirmed
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.

Companies Mentioned

- Deutsche Postbank AG
- Deutsche Bank AG
- BHW Bausparkasse AG Hameln

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Research Update: Germany-Based Deutsche Postbank 'A/A-1' Ratings Affirmed On Bank Criteria Change; Outlook Negative Nov 11

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Report Formats

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+353-1-481-1716 or +353-1-653-1571 (from Rest of World)