Outlook On Germany-Based DVB Bank Revised To Stable On Improving Risk Profile; Ratings Affirmed At 'A/A-1' Mar 11

Standard & Poors, March 2011

Abstract
In our view, DVB Bank SE has demonstrated good resilience over the past two years despite uncertainties in global transport markets, and its risk profile has strengthened, thanks to better-than-expected profitability. We continue to include a four-notch uplift in our assessment of DVB's stand-alone credit profile, reflecting our expectation of ongoing support for DVB from its 95% owner DZ BANK AG and from the German cooperative banking sector. We are revising our outlook on DVB to stable from negative and affirming the 'A/A-1' ratings. The stable outlook reflects our expectation that DVB will be able to cope with continually challenging international transport markets and maintain sufficient profitability to absorb still sizable credit losses. FRANKFURT (Standard & Poor's) March 30, 2011--Standard...

Companies mentioned in this report are: DVB Bank SE
Action: Affirmed
Action: Outlook: Stable

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.

DVB Bank SE

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