Transaction Update: DZ BANK AG Deutsche Zentral-Genossenschaftsbank (Covered Bonds) Jun 11
Standard & Poors, June 2011
Abstract
This transaction update follows Standard & Poor's Ratings Services' review of covered bond notes (DZ Bank Briefe) issued by Germany-based DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK or the issuer) under the "DZ Bank Briefe program", with secured and unsecured stand-alone documentation and in euros or any other currency. We have affirmed our 'AAA' credit ratings on the bonds and the outlook is stable. DZ Bank Briefe represent direct, unconditional, and unsubordinated obligations of the issuer and rank pari passu with each other. They are issued under a special law called the "Gesetz zur Umwandlung der Deutschen Genossenschaftsbank" (or DG Bank Umwandlungsgesetz). DZ Bank Briefe are backed to a significant amount by a cover pool of loans to the German...
Companies mentioned in this report are:
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
Action: Affirmed
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: Full Analysis
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
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