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Related Issuers
Bayerische Hypotheken-und Wechsel Bank A.G.
Bayerische Hypotheken-und Wechsel Bank A.G. - UniCredit Bank AG - Mortgage Covered Bonds
Bayerische Hypotheken-und Wechsel Bank A.G. - UniCredit Bank AG - Public-Sector Covered Bonds
Bayerische Hypo-und Vereinsbank AG New York
DEPFA Public Finance Bank
HVB Funding Trust
HVB Funding Trust II
HVB Funding Trust III
HVB Funding Trust IV
Hypo Real Estate Bank International AG
Hypo Real Estate Bank International AG - Deutsche Pfandbriefbank AG - Mortgage Covered Bonds
Hypo Real Estate Bank International AG - Deutsche Pfandbriefbank AG - Public-Sector Covered Bonds
Hypo Real Estate Bank International AG - Mortgage Pfandbriefe
Hypo Real Estate Bank International AG - Public Sector Pfandbriefe
Hypo-und Vereinsbank Finance (Delaware) Inc.
HypoVereins Finance N.V.
HypoVereinsbank Overseas Finance N.V.
UniCredit Bank AG
UniCredit Bank AG - Mortgage Covered Bonds (02/16/1995 - 10/09/1998)
UniCredit Bank AG - Mortgage Covered Bonds (10/19/1998 - 08/02/2002)
UniCredit Bank AG - Public-Sector Covered Bonds
UniCredit Bank AG - Public-Sector Covered Bonds (06/09/1995 - 11/17/2010)
UniCredit Bank AG, Paris Branch
UniCredit Luxembourg S.A.
Westfaelische Hypothekenbank AG
Westfaelische Hypothekenbank AG - Deutsche Pfandbriefbank AG - Mortgage Covered Bonds
Westfaelische Hypothekenbank AG - Deutsche Pfandbriefbank AG - Public Sector Pfandbriefe
Westfaelische Hypothekenbank AG - Deutsche Pfandbriefbank AG - Public-Sector Covered Bonds (09/26/1997 - 05/12/2003)
Westfaelische Hypothekenbank AG - Mortgage Pfandbriefe
Westhyp Finance B.V.
Rating Action:

MOODY'S CONFIRMS Aa3/P-1/B RATINGS OF BAYERISCHE HYPO- UND VEREINSBANK FOLLOWING ANNOUNCEMENT OF GROUP-WIDE MORTGAGE BANK RESTRUCTURING; WESTHYP'S A1 LONG-TERM RATINGS, C FINANCIAL STRENGTH RATING AND Aa1 MORTGAGE PFANDBRIEF RATINGS PLACED ON REVIEW FOR P

05 Feb 2001

Around US$ 188 billion of securities affected.

London, 05 February 2001 -- Moody's Investors Service confirmed the Aa3 long-term ratings of Bayerische Hypo- und Vereinsbank AG (HypoVereinsbank), its B financial strength rating and its P-1 short-term ratings. Moody's placed on review for possible upgrade the A1 long-term ratings, C financial strength and Aa1 Mortgage Pfandbrief ratings of HypoVereinsbank's majority-owned mortgage banking subsidiary -- Westfaelische Hypothekenbank AG (WestHyp). Moody's also confirmed the A1 long-term ratings, C financial strength, P-1 short-term ratings and Aaa/Aa1 Public-Sector/Mortgage Pfandbrief ratings of Wuerttembergische Hypothekenbank AG (Wuerttemberger Hyp). These rating actions follow the formal announcement of sweeping restructuring plans of the group's domestic mortgage banking businesses.

Having received respective supervisory boards' approvals, HypoVereinsbank will now seek to consolidate almost all its mortgage banking activities into one legal entity during 2001. The surviving legal entity will be Bayerische Handelsbank AG (unrated) which may be renamed and is expected to be rated by Moody's in due course. Bayerische Handelsbank has the advantage of being a German mortgage bank with a mixed-bank status, as its existence pre-dated the inception of the German Mortgage Banking Act. WestHyp, Nuernberger Hypothekenbank AG (unrated), Sueddeutsche Bodencreditbank AG (unrated) as well as the real estate and public-sector activities of HypoVereinsbank will be merged into Bayerische Handelsbank. However, HypoVereinsbank will retain its real estate related non-recurring work-out portfolio as well as its existing collateral pools underpinning all HypoVereinsbank Pfandbriefe in circulation.

Moody's stated that the review for possible upgrade of Westhyp's ratings would focus on the distribution capability of the post-merger resulting mortgage bank -- notably its reliance on HypoVereinsbank's domestic origination network -- its evolving risk profile, the scope for cost reductions as well as the likely integration challenges. Wuerttemberger Hyp could potentially be merged into the enlarged mortgage bank at a later stage. For the time being, HypoVereinsbank stated that it wishes to keep all its strategic options open in Baden-Wuerttemberg concerning Wuerttemberger Hyp. For this reason, Moody's has not placed Wuerttemberger Hyp's ratings on review for possible upgrade. If it were to become clear that Wuerttemberger Hyp would be merged into the new enlarged mortgage bank, this would have positive rating connotations for Wuerttemberger Hyp.

In confirming all HypoVereinsbank ratings Moody's added that it regards the consolidation plans of the group's real estate and treasury-driven public-sector lending business to be a positive response to the ongoing domestic challenges of Germany's mortgage banking sector.

The following ratings were placed on review for possible upgrade:

Westfaelische Hypothekenbank AG -- the A1 long-term deposit and debt ratings, the A2 subordinated debt rating; the C financial strength rating and Aa1 Mortgage Pfandbrief ratings.

The following ratings were confirmed:

Bayerische Hypo- und Vereinsbank AG -- the Aa3 long-term deposit and debt ratings; the B financial strength rating; the Prime-1 short-term debt and deposit ratings; the Aaa/Aaa Public-Sector and Mortgage Pfandbriefe ratings.

Wuerttembergische Hypothekenbank AG -- the A1 long-term deposit and debt ratings; the A2 subordinated debt rating; the Prime-1 short-term deposit and debt rating; the C financial strength rating.

Westfaelische Hypothekenbank AG -- the Prime-1 deposit rating, the Aaa Public-Sector Pfandbrief rating.

Bayerische Hypo- und Wechselbank AG -- the Aa3 long term debt ratings; Aaa/Aaa Mortgage and Public-Sector Pfandbriefe ratings.

HypoVereins Finance NV -- the guaranteed Aa3 long-term debt rating; A1 guaranteed subordinated debt rating; and Prime-1 guaranteed short-term debt rating.

HypoVereinsbank Luxembourg SA -- the A1 long-term deposit and debt ratings; the Prime-1 short-term debt rating; the C+ financial strength rating and a2 preferred stock rating.

Hypo und Vereinsbank Finance (Delaware) Inc. -- the Prime-1 short term debt rating.

HypoVereinsbank Ireland plc -- the A1 long-term deposit rating, the A2 subordinated debt rating, the Prime-1 short-term deposit rating; the D+ financial strength rating.

HypoVereinsbank Funding Trusts I-IV: the a1 preferred stock ratings.

Bayerische Hypo- und Vereinsbank is Germany's second largest banking group, based in Munich. As of September 30, 2000 the group had consolidated total assets of EUR 548 billion.

London
Samuel S. Theodore
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
44 20 7772 5454

London
Tobias Gruen
Senior Vice President
Financial Institutions Group
Moody's Investors Service Ltd.
44 20 7772 5454

MOODY'S CONFIRMS Aa3/P-1/B RATINGS OF BAYERISCHE HYPO- UND VEREINSBANK FOLLOWING ANNOUNCEMENT OF GROUP-WIDE MORTGAGE BANK RESTRUCTURING; WESTHYP'S A1 LONG-TERM RATINGS, C FINANCIAL STRENGTH RATING AND Aa1 MORTGAGE PFANDBRIEF RATINGS PLACED ON REVIEW FOR P
No Related Data.
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