Ratings Affirmed And Removed From CreditWatch Negative On Eurohypo AG's Public-Sector Covered Bonds Feb 12

Standard & Poors, February 2012

Abstract
OVERVIEW On Jan. 25, 2012, we affirmed our 'A-/A-2' counterparty credit and senior unsecured debt ratings on Eurohypo AG. The outlook is negative. Under our rating approach for covered bonds, the ratings on Eurohypo AG's public-sector covered bonds issued under its medium-term note program currently benefit from the maximum ratings uplift of six notches 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 affirmed and removed from CreditWatch negative our 'AAA' long-term ratings, and affirmed our 'A-1+' short-term rating on the public-sector covered bonds issued under Eurohypo AG's medium-term note program following our review, and assigned a negative...

Companies mentioned in this report are: Eurohypo AG
Action: Affirmed
Action: CreditWatch Update
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.

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.

Eurohypo AG

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