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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
Creditanstalt AG
DEPFA Public Finance Bank
Deutsche Pfandbriefbank AG
Deutsche Pfandbriefbank AG - Mortgage Covered Bonds (02/03/2011 - 21/08/2014)
Deutsche Pfandbriefbank AG - Mortgage Covered Bonds (10/08/2001 - 02/03/2011)
Deutsche Pfandbriefbank AG - Public-Sector Covered Bonds (08/01/1992 - 07/23/2010)
HVB Funding Trust
HVB Funding Trust II
HVB Funding Trust III
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HVB Funding Trust V
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HVB Funding Trust VIII
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
HypoVereins Finance N.V.
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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, Hong Kong Branch
UniCredit Bank AG, Paris Branch
Unicredit Bank AG, Singapore Branch
UniCredit Bank Austria AG
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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 DOWNGRADES HVB'S RATINGS TO A1/B- FROM Aa3/B ; RATINGS OF VARIOUS SUBSIDIARIES ALSO DOWNGRADED, AS WERE MORTGAGE PFANDBRIEF AND SOME PUBLIC-SECTOR PFANDBRIEF RATINGS TO Aa1 FROM Aaa; PUBLIC SECTOR PFANDBRIEF RATINGS OF HVB AND HVB REAL ESTATE ARE

26 Jul 2002

London, 26 July 2002 -- Moody's Investors Service downgraded the long-term ratings of Bayerische Hypo- und Vereinsbank AG (HVB) to A1 from Aa3 and the bank's financial strength rating (FSR) to B- from B. It also downgraded the long-term unsecured ratings and Pfandbrief ratings of various subsidiaries (see full list below), as well as HVB Real Estate Bank's FSR to C+ from B-. The B- financial strength ratings of Bank Austria was confirmed, as were the A1 issuer and deposit ratings of HVB Ireland. The public-sector Pfandbrief ratings of HVB and HVB Real Estate Bank are maintained at Aaa. The outlook on all ratings is stable. These rating actions conclude a review for possible downgrade initiated earlier this year.

Commenting on its rating actions, Moody's said that at this stage it views HVB's credit fundamentals as compatible with a high single-A rating. On the one hand, the group is likely to experience ongoing challenges in boosting its currently weak recurring profitability in Germany. The group's cost-containing efforts are very slow to show material results, as HVB has to navigate through the various layers of consolidation created by the mergers and acquisitions of recent years (in Germany, Austria, Poland, and other smaller markets). While costs could be eventually streamlined, the far bigger challenge for HVB -- as well as for most other German banks -- will be to grow revenues from their retail and commercial banking activities. The difficult market environment is now constraining any speedy improvement in HVB's profits, but Moody's pointed out that beyond any cyclical difficulties there remain structural barriers to a material improvement in HVB's (and other German banks') earnings capacity.

On the other hand, Moody's pointed to HVB's continued good market positioning in retail banking and other strategically important activities, and also reiterated its expectation that the mergers and acquisitions of recent years will prove very beneficial in the long term. In fact, based on its existing footprint, once HVB starts functioning as a more integrated financial group and at at a consistently higher recurring profitability level, it would naturally turn into a true financial-services powerhouse in its core markets -- Germany (especially Bavaria); Austria; Poland; and other markets in Central and Eastern Europe.

Moody's also noted that further challenges with respect to HVB's asset quality continue to exist, likely to require an ongoing provisioning effort against the modest cushion afforded by pre-provision recurring earnings. In fact, the rating agency added that a material deterioration in asset quality at the group level in the future could exert further pressure on HVB's ratings.

The downgrade of HVB Real Estate Bank's FSR reflects Moody's expectation that the mortgage-bank subsidiary might need further loan loss provisions until the considerable exposure to real estate loans in the new German Bundeslaender will be properly covered for. Moody's added also that it expects progress in the process of integrating HVB Real Estate Bank in the HVB group. HVB Real Estate Bank is and will remain a core strategic component of the group's activites - a fact which underpins Moody's decision to maintain its debt and deposit ratings at the same levels as of its parent's.

Regarding the change of the mortgage and some public-sector Pfandbrief ratings, Moody's said that it regards the credit characteristics of these debt instruments to be directly linked to the overall long-term creditworthiness of the issuing banks -- as primarily defined in their deposit ratings. Nevertheless, Pfandbriefe are rated higher than corresponding long-term deposit and debt (public sector Pfandbrief ratings marginally more than mortgage Pfandbrief ratings) owing to the expectation of more timely debt servicing as well as the greatly reduced potential loss severity of these collateralised debt instruments in the event of default of the issuing bank.

The following ratings of HVB and its major subsidiaries were downgraded:

- Bayerische Hypo- und Vereinsbank AG: Senior long-term debt, issuer and deposit ratings to A1 from Aa3; mortgage Pfandbriefe to Aa1 from Aaa; long-term subordinated debt to A2 from A1; subordinated Tier 3 debt instruments to A3 from A2; bank financial strength rating to B- from B.

- HVB Real Estate Bank AG: Senior long-term debt and deposit ratings to A1 from Aa3; mortgage Pfandbriefe to Aa1 from Aaa; long-term subordinated debt to A2 from A1; bank financial strength rating to C+ from B-.

- Bank Austria AG: Senior long-term debt and deposit ratings to A1 from Aa3; subordinated debt to A2 from A1.

- Creditanstalt AG: Deposit ratings to A1 from Aa3.

- Bayerische Hypo- und Vereinsbank AG, Paris Branch: Senior long-term debt and deposits to A1 from Aa3.

- Bayerische Hypo- und Vereinsbank AG, Singapore Branch: Senior long-term debt to A1 from Aa3; subordinated debt to A2 from A1

- Bayerische Hypo-und Vereinsbank AG, Hong Kong Branch: Senior long-term debt to A1 from Aa3.

- HypoVereinsbank Overseas Finance N.V.: Senior long-term debt rating to A1 from Aa3; long-term subordinated debt to A2 from A1.

- HypoVereinsbank Finance N.V.: Senior long-term debt rating to A1 from Aa3; long-term subordinated to A2 from A1.

- HypoVereinsbank Luxembourg S.A.: Issuer rating and deposit ratings to A2 from A1; subordinated debt to A3 from A2; preferred stock rating to Baa1 from A3.

- HVB Funding Trust, II, III, IV, V, VII, VIII: to A3 from A2.

- Wuerttembergische Hypothekenbank AG: Senior long-term debt and long-term bank deposits to A2 from A1; subordinated debt to A3 from A2; mortgage Pfandbriefe to Aa2 from Aa1; public sector Pfandbriefe to Aa1 from Aaa.

- Westfaelische Hypothekenbank AG: Senior unsecured and long-term bank deposits to A2 from A1; subordinated debt to A3 from A2; mortgage Pfandbriefe to Aa2 from Aa1 and public sector Pfandbriefe to Aa1 from Aaa.

-Westhyp Finance BV: Senior long-term debt to A2 from A1; subordinated debt to A3 from A2.

-Bayerische Hypotheken-und Wechsel Bank AG: Senior long-term debt to A1 from Aa3; subordinated debts to A2 from A1; mortgage Pfandbriefe to Aa1 from Aaa.

The following ratings were confirmed:

- Bank Austria AG: Bank financial strength rating at B-.

- HVB Bank Ireland: Issuer and deposits ratings at A1.

Headquartered in Munich, Bayerische Hypo- und Vereinsbank is Germany's second largest banking group. As of 31 December 2001, the group had consolidated total assets of EUR 728 billion.

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

London
Michael Dawson-Kropf
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
44 20 7772 5454

MOODY'S DOWNGRADES HVB'S RATINGS TO A1/B- FROM Aa3/B ; RATINGS OF VARIOUS SUBSIDIARIES ALSO DOWNGRADED, AS WERE MORTGAGE PFANDBRIEF AND SOME PUBLIC-SECTOR PFANDBRIEF RATINGS TO Aa1 FROM Aaa; PUBLIC SECTOR PFANDBRIEF RATINGS OF HVB AND HVB REAL ESTATE ARE
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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