Research Update: Eurohypo AG 'A-/A-2' Ratings Placed On Watch Negative Following Sovereign Rating Action Dec 11
Standard & Poors, December 2011
Abstract
On Dec. 5, 2011, Standard & Poor's Ratings Services placed the 'AAA' long-term unsolicited sovereign credit rating on the Federal Republic of Germany on CreditWatch with negative implications. We subsequently placed our 'A/A-1' ratings on Commerzbank AG on CreditWatch negative. As a direct result of these actions, we are placing our 'A-/A-2' long- and short-term counterparty credit ratings and our senior unsecured debt ratings on Commerzbank's subsidiary Eurohypo AG, and on Eurohypo's core subsidiary EUROHYPO Europaeische Hypothekenbank S.A. (EUROHYPO Luxembourg), on CreditWatch with negative implications. We intend to resolve the CreditWatch placement on Eurohypo and EUROHYPO Luxembourg within four weeks of the resolution of the CreditWatch on Germany and on Eurohypo's parent Commerzbank. We expect that the ratings on Eurohypo...
Companies mentioned in this report are:
- Hypothekenbank Frankfurt AG
- Commerzbank AG
- Commerzbank U.S. Finance Inc.
- Commerzbank International S.A.
- Dresdner Finance B.V.
- Commerzbank Europe (Ireland)
- Hypothekenbank Frankfurt International S.A.
- Dresdner Funding Trust IV
Action: On CreditWatch: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.
- Hypothekenbank Frankfurt AG
- Commerzbank AG
- Commerzbank U.S. Finance Inc.
- Commerzbank International S.A.
- Dresdner Finance B.V.
- Commerzbank Europe (Ireland)
- Hypothekenbank Frankfurt International S.A.
- Dresdner Funding Trust IV
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