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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
DEPFA Public Finance Bank
Deutsche Pfandbriefbank AG
HVB Funding Trust
HVB Funding Trust II
HVB Funding Trust III
HVB Funding Trust IV
HVB Funding Trust V
HVB Funding Trust VII
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.
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 (08/07/2002 - 11/11/2005)
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, Hong Kong Branch
UniCredit Bank AG, Paris Branch
Unicredit Bank AG, Singapore 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 DOWNGRADES HVB'S SENIOR UNSECURED RATINGS AND FINANCIAL STRENGTH RATING TO A3/C- FROM A1/B-; SHORT-TERM RATINGS AFFIRMED AT P-1; ALL RATINGS HAVE A STABLE OUTLOOK; OTHER GROUP RATINGS REMAIN ON REVIEW FOR POSSIBLE DONWGRADE

22 Jan 2003

Approximately $365.4 Billion of Debt Securities Affected.

London, 22 January 2003 -- Moody's Investors Service downgraded the senior unsecured deposit and debt ratings of Bayerische Hypo- und Vereinsbank AG (HVB) to A3 from A1 and the bank's financial strength rating (FSR) to C- from B-. The long-term unsecured ratings of various rated subsidiaries were also downgraded (see full list below). The outlook on HVB's long- and short-term debt and deposit ratings and FSR is stable. The rating actions follow the review process initiated on 23 October 2002 following the group's announcement of an unexpected sharp rise in loan loss provisions for the remainder of 2002, along with major restructuring plans.

The ratings for HVB's mortgage Pfandbriefe have been downgraded to Aa3 from Aa1 and the ratings for public-sector Pfandbriefe to Aa2 from Aaa. The long-term deposit and debt ratings of Bank Austria Creditanstalt (BA-CA) have been downgraded to A2 from A1. The outlook on these ratings is stable. The long-term debt and deposit ratings of HVB Banque Luxembourg (HVB Luxembourg) have been downgraded to A3 from A1 and remain on review for possible downgrade. HVB Luxembourg's Prime-1 short-term debt and deposit ratings and its C+ FSR are also maintained on review for possible downgrade.

Moody's has affirmed with a stable outlook the Prime-1 short-term debt and deposit ratings of HVB and its guaranteed subsidiaries, including HVB Ireland, as well as BA-CA's Prime-1 short-term debt and deposit ratings and its B- FSR. These ratings were not included in the review process.

The long- and short-term debt and deposit ratings and FSRs of HVB's three mortgage bank subsidiaries - HVB Real Estate (A1/P-1/C+), Wuerttembergische Hypothekenbank (A2/P-1/C+) and Westfaelische Hypothekenbank (A2/P-1/C) - remain on review for possible downgrade, as the details of the planned spin-off of HVB's commercial real estate business, including the three banks, make their future fundamentals still uncertain at this stage, Moody's noted.

These rating actions reflect Moody's belief that HVB's fundamentals remain structurally affected by the group's persistently weak recurring profitability, especially in the German market. The rating agency added that HVB seems now committed to more drastic cost reductions and expects 2003 to see an improvement in this respect. Reducing credit risk concentration, however, remains an uphill challenge, given the sheer size of HVB's loan portfolio and the legacy of its lending focus during the last decade. HVB has the largest loan portfolio among all German banks and has exposure to troubled industries and corporates.

A third major challenge for HVB, however, could be the most difficult one: that of structurally boosting its revenues in the German market. Moody's said that, along with most other large German banks, HVB will take some time until it can restore better profitability.

In this context, the short-term impact on HVB's rating of the planned separation from its mortgage bank subsidiaries should be relatively neutral. Whilst on the one hand HVB will benefit from reducing its exposures to the difficult German commercial real estate market, on the other hand the radical restructuring plans will absorb management attention and could strain HVB's financial resources.

The spin-off prompts material uncertainty for the three mortgage bank subsidiaries, the rating agency cautioned, especially as it is not yet clear whether these banks will be able to better align their risk management and implement an efficient group structure. As a consequence, Moody's is maintaining its review for possible downgrade on these banks' rating and is extending it to include not only their unsecured long-term ratings, their Pfandbrief ratings and their short-term ratings but also their financial strength ratings.

Moody's said that the new ratings for HVB and their stable outlook, including for the Prime-1 short-term ratings, continue to reflect HVB Group's position as one of Germany's and Europe's major financial institutions, with a stable franchise in retail and commercial banking, and with a strong foothold in Austria and Poland. The new ratings and their stable outlook are also underpinned by HVB's renewed commitment to improve profitability and to safeguard sufficient capitalisation.

The long-term debt and deposit ratings of several subsidiaries were also downgraded, reflecting their close integration into the group. Although the current ratings for HVB Luxembourg are underpinned by the 'Patronatserklaerung' (letter of comfort) from HVB, Moody's is maintaining the bank's A3/P-1 long- and short-term debt and deposit ratings and C+ FSR on review for possible downgrade, considering the level of autonomy of HVB Luxembourg. Moody's rating review will focus on the extent to which the intrinsic creditworthiness of HVB Luxembourg, combined with ongoing support from HVB, can underpin the new ratings.

The downgrade of BA-CA's long-term debt and deposit ratings to A2 from A1, now one notch above those of its parent HVB, reflects the strong franchise of Bank Austria Group and its good financial fundamentals, underpinned by its B- FSR. In addition, Moody's said that the likelihood of BA-CA being impacted by a potential further deterioration of HVB's creditworthiness is somewhat more remote than for other subsidiaries that are fully owned by HVB, especially as BA-CA is the largest banking group in Austria.

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

Bayerische Hypo- und Vereinsbank AG: A1 to A3 Senior long-term debt, issuer and deposit ratings; Aa1 to Aa3 mortgage and Aaa to Aa2 public-sector Pfandbriefe; A2 to Baa1 long-term subordinated debt; A3 to Baa2 subordinated Tier 3; B- to C- bank financial strength rating.

- HVB Bank Ireland: Issuer and deposits ratings to A3 from A1.

- Bank Austria Creditanstalt AG: To A2 from A1 Senior long-term (non-guaranteed) debt and deposit ratings; A2 to A3 (non-guaranteed) subordinated debt.

- Bayerische Hypo- und Vereinsbank AG, Paris Branch: A1 to A3 Senior long-term debt and deposits,

- Bayerische Hypo- und Vereinsbank AG, Singapore Branch: A1 to A3 Senior long-term debt; A2 to Baa1 subordinated debt rating.

- Bayerische Hypo-und Vereinsbank AG, Hong Kong Branch: A1 to A3 Senior long-term debt; A2 to Baa1 subordinated debt rating.

- HypoVereinsbank Overseas Finance N.V.: A1 to A3 Senior long-term debt rating; A2 to Baa1 long-term subordinated debt.

- HypoVereinsbank Finance N.V.: A1 to A3 Senior long-term debt rating; A2 to Baa1 long-term subordinated debt.

- HVB Banque Luxembourg S.A.: A2 to A3 Issuer rating and deposit ratings; A3 to Baa1 subordinated debt; Baa1 to Baa2 preferred stock rating;.

- HVB Funding Trust, II, III, IV, V, VII, VIII...A3 to Baa2 preferred stock rating.

-Bayerische Hypotheken-und Wechsel Bank AG: A1 to A3 Senior long-term debt; A2 to Baal subordinated debts; Aa1 to Aa3 mortgage and Aaa to Aa2 public sector Pfandbriefe.

The following ratings remain under review for possible downgrade:

- HVB Real Estate Bank AG: A1 Senior long-term debt and deposit ratings; Aa1 mortgage and Aaa public-sector Pfandbriefe; A2 long-term subordinated debt; C+ bank financial strength rating; P-1 short-term deposit.

- HVB Banque Luxembourg S.A.: A3 Issuer rating and deposit ratings; Baa1 subordinated debt; Baa2 preferred stock rating; P-1 short-term ratings; C+ financial strength rating.

- Wuerttembergische Hypothekenbank AG: A2 senior long-term debt and long-term bank deposits; A3 subordinated debt; Aa2 mortgage and Aa1 public-sector Pfandbriefe; P-1 short-term deposit rating; C+ financial strength rating.

- Westfaelische Hypothekenbank AG: A2 senior unsecured and long-term bank deposits; A3 subordinated debt; Aa2 mortgage and Aa1 public sector Pfandbriefe. P-1 short-term deposit rating; Bank financial strength rating at C.

- Westhyp Finance BV: A2 Senior long-term debt; A3 subordinated debt; P-1 short-term rating.

These ratings were not under review are affirmed:

- Bayerische Hypo- und Vereinsbank AG: Short-term deposit rating at P-1.

- Bayerische Hypo- und Vereinsbank AG, Singapore Branch: Short-term rating at P-1.

- Bayerische Hypo- und Vereinsbank AG, Paris Branch: Short-term rating at P-1.

- HVB US Finance Inc: P-1 Short-term Ratings

- Vereinsbank Finane (Delawar) Inc: P-1 Short-term ratings

- HypoVereinsbank Overseas Finance N.V: P-1 short-term ratings

- Bank Austria AG: Bank financial strength rating at B-; P-1 short-term deposit rating.

- HVB Ireland: Bank financial strength rating at C-; P-1 short-term deposit rating.

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 EUR728 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 SENIOR UNSECURED RATINGS AND FINANCIAL STRENGTH RATING TO A3/C- FROM A1/B-; SHORT-TERM RATINGS AFFIRMED AT P-1; ALL RATINGS HAVE A STABLE OUTLOOK; OTHER GROUP RATINGS REMAIN ON REVIEW FOR POSSIBLE DONWGRADE
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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