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24 Aug 1995
MOODY'S ASSIGNS FINANCIAL STRENGTH RATINGS TO GERMAN BANKS
London, 08-24-95 -- Moody's Investors Service assigned Bank Financial Strength Ratings (BFSRs) to 21 German banks whose long-term deposits are already rated. BFSRs use a letter scale ranging from A ("exceptional") to E ("very weak" -- see full definitions below), to differentiate them from Moody's traditional Aaa-through-C credit ratings.
Bank Financial Strength Ratings assigned are the following (the list of the existing bank deposit ratings is also attached):
Deposit Ratings BFSRs
Bayerische Hypotheken- und Wechsel-Bank Aa2 P-1 B+
Bayerische Landesbank Aaa P-1 C+
Bayerische Vereinsbank Aaa P-1 A
Berliner Handels- und Frankfurter Bank A1 P-1 C+
Bremer Landesbank Kreditanstalt Oldenburg Aa1 P-1 C
Commerzbank Aa2 P-1 B+
Deutsche Bank Aaa P-1 A
DG Bank Deutsche Genossenschaftsbank A2 P-2 D+
Deutsche Pfandbrief- und Hypothekenbank Aa3 - C+
Deutsche Siedlungs- und Landesrentenbank Aaa - D+
Dresdner Bank Aaa P-1 A
Landesbank Berlin Aa1 P-1 B
Landesbank Hessen-Thueringen Aaa P-1 C+
Landesbank Rheinland-Pfalz Aa1 P-1 C+
Landesbank Schleswig-Holstein Aa1 P-1 C
Landeskreditbank Baden-Wuerttemberg Aaa P-1 C+
Norddeutsche Landesbank Aa1 P-1 C+
Suedwestdeutsche Genossenschafts-Zentralbank A1 P-1 C
Suedwestdeutsche Landesbank Aaa P-1 C+
Westdeutsche Landesbank Aa1 P-1 C
Westdeutsche Landesbank (Europa) Aa1 - D+
Moody's said that BFSRs are intended to provide investors with a measure of a bank's intrinsic safety and soundness on an entity-specific basis. Unlike the traditional credit ratings, BFSRs are not intended to measure the true risk of credit loss -- i.e., the risk that a bank will miss payments on its deposits or other fixed-income obligations. Instead, BFSRs provide a useful comparative indicator of what an institution's creditworthiness would be on a stand-alone basis, and as such they should be viewed by investors solely as one component of the existing bank deposit ratings.
In this context, Moody's emphasized that BFSRs do not in any way negate or diminish the meaning and the value of the existing bank deposit ratings.
In assigning BFSRs, Moody's is answering the frequent requests of bank investors -- particularly interbank and counterparty credit departments -- for an assessment of what a given bank's credit profile would be without reference to support mechanisms, ownership, or membership in a banking group. In many instances, banks with identical deposit ratings have different BFSRs. This occurs frequently in two circumstances: (1) when low sovereign rating ceilings push downwards the deposit ratings of financially stronger banks, and (2) when the deposit ratings of banks with a less strong financial position are based to various degrees on implicit or explicit external support -- coming either from their parent companies or having an official nature.
The publication of these ratings for German banks is in line with Moody's already announced plan to assign BFSRs to the more than 600 banks worldwide for which it currently maintains bank deposit ratings. This plan is currently in the process of being implemented, and BFSRs either already have been or are being assigned on a country-by-country basis in each of the 40 countries with rated financial institutions -- including 16 European nations. Like Moody's credit ratings, Bank Financial Strength Ratings are globally comparable across countries and currencies, and they will be consistent in their meanings over time.
BFSRs will be publicly available through Moody's information centers, publications, and press announcements. Rating changes will also be announced publicly.
Definitions: Moody's Bank Financial Strength Ratings
Moody's Bank Financial Strength Ratings represent Moody's opinion of a bank's intrinsic safety and soundness and, as such, exclude certain external credit risks and credit support elements that are captured by Moody's debt and deposit ratings. Unlike Moody's traditional debt ratings, Bank Financial Strength Ratings do not address the probability of timely payment. Instead, Bank Financial Strength Ratings can be understood as a measure of the likelihood that a bank will require assistance from third parties such as its owners, its industry group, or official institutions. Bank Financial Strength Ratings do not take into account the probability that the bank will receive such external support, nor do they address risks arising from sovereign actions that may interfere with a bank's ability to honor its domestic or foreign currency obligations.
Factors considered in the assignment of Bank Financial Strength Ratings include bank-specific elements such as financial fundamentals, franchise value, and business and asset diversification. Although Bank Financial Strength Ratings exclude the external factors specified above, they do take into account other risk factors in the bank's operating environment, including the strength and prospective performance of the economy, as well as the structure and relative fragility of the financial system, and the quality of banking regulation and supervision.
The definitions for Moody's Bank Financial Strength Ratings (which have been revised slightly since they were first announced in November 1994) are as follows:
Banks rated A possess exceptional intrinsic financial strength. Typically, they will be major institutions with highly valuable and defensible business franchises, strong financial fundamentals, and a very attractive and stable operating environment.
Banks rated B possess strong intrinsic financial strength. Typically, they will be important institutions with valuable and defensible business franchises, good financial fundamentals, and an attractive and stable operating environment.
Banks rated C possess good intrinsic financial strength. Typically, they will be institutions with valuable and defensible business franchises. These banks will demonstrate either acceptable financial fundamentals within a stable operating environment, or better than average financial fundamentals within an unstable operating environment.
Banks rated D possess adequate financial strength, but may be limited by one or more of the following factors: a vulnerable or developing business franchise; weak financial fundamentals; or an unstable operating environment.
Banks rated E possess very weak intrinsic financial strength, requiring periodic outside support or suggesting an eventual need for outside assistance. Such institutions may be limited by one or more of the following factors: a business franchise of questionable value; financial fundamentals that are seriously deficient in one or more respects; or a highly unstable operating environment.
Where appropriate, a "+" may be appended to ratings below the "A" category to distinguish those banks that fall into intermediate categories.
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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