Research Update: Commerzbank And Subsidiaries Ratings Affirmed, Off Watch Neg After Sovereign Rating Actions; Outlook Negative Jan 12
- Language: English
- Published: January 2012
OVERVIEW On Dec. 7, 2011, we placed on CreditWatch negative our 'A-/A-2' counterparty credit ratings on Eurohypo AG and on its core subsidiary EUROHYPO Europaeische Hypothekenbank S.A. Under our rating approach, EUROHYPO Europaeische Hypothekenbank S.A.'s public-sector covered bond ratings benefit from the maximum elevation possible above our long-term rating on the issuer. Therefore, any further rating action on the issuer would directly affect the ratings on these covered bonds, all else being equal. We have subsequently placed on CreditWatch negative our ratings on EUROHYPO Europaeische Hypothekenbank S.A.'s public-sector covered bonds issued under its medium-term note program. Our ratings are based on our criteria for rating covered bonds. However, certain aspects of the methodologies and assumptions underlying these criteria are under...
Companies mentioned in this report are: EUROHYPO Europaeische Hypothekenbank S.A.
Action: CreditWatch Update
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Research type: News
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EUROHYPO Europaeische Hypothekenbank S.A.