MOODY'S CHANGES OUTLOOK FOR WESTAELISCHE HYPOTHEKENBANK'S C FINANCIAL STRENGTH RATING TO NEGATIVE FROM STABLE; THE A1/PRIME-1 DEPOSIT RATINGS AND Aaa PUBLIC-SECTOR AND Aa1 MORTGAGE PFANDBRIEF RATINGS REMAIN UNCHANGED WITH A STABLE OUTLOOK
London, June 09, 2000 -- Moody's Investors Service changed to negative the outlook for Westfaelische Hypothekenbank's (WestHyp) C financial strength rating. The outlook for the bank's long-term rating of A1, the Prime-1 short-term rating, as well as the ratings for mortgage Pfandbriefe at Aa1 and for public-sector Pfandbriefe at Aaa continues to benefit from WestHyp's affiliation to Bayerische Hypo- und Vereinsbank (HVB, rated Aa3/B/Prime-1) and remains stable.
According to Moody's, the negative outlook reflects WestHyp's weakened asset quality indicators, resulting from the persisting strain in various real estate markets segments in Germany as well as strong competitive pressures.
However, the outlook change also takes into consideration the measures taken by WestHyp to counter the negative developments such as a more pro-active management of problem exposures. The bank's asset-liability management policies remain conservative.
Westfaelische Hypothekenbank AG, headquartered in Dortmund, Germany, is 75% owned by Bayerische Hypo- und Vereinsbank AG. WestHyp is one of Germany's medium-sized mortgage lenders and is one of five mortgage bank subsidiaries affiliated to the HVB group. WestHyp had total assets of EURO 31 billion as of December 31, 1999.
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