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
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.