Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Related Issuers
Allgemeine Hypothekenbank Rheinboden AG
Commerzbank AG - Mortgage Covered Bonds (Hypothekenbank Frankfurt AG - Eurohypo AG - Mortgage Covered Bonds)
Commerzbank AG - Mortgage Covered Bonds (Hypothekenbank Frankfurt AG - Mortgage Covered Bonds (01/03/1998 - 06/05/2003))
Commerzbank AG - Mortgage Covered Bonds (Hypothekenbank Frankfurt AG - Mortgage Covered Bonds (04/01/2005 - 11/04/2008))
Commerzbank AG - Mortgage Covered Bonds (Hypothekenbank Frankfurt AG - Mortgage Covered Bonds (11/05/2008 - 01/19/2011))
Commerzbank AG - Mortgage Covered Bonds (Hypothekenbank Frankfurt AG - Mortgage Covered Bonds)
Commerzbank AG - Public-Sector Covered Bonds (Hypothekenbank Frankfurt AG - Eurohypo AG - Public Sector Covered Bonds (01/05/1999 - 06/22/2006))
Commerzbank AG - Public-Sector Covered Bonds (Hypothekenbank Frankfurt AG - Eurohypo AG - Public Sector Covered Bonds)
Commerzbank AG - Public-Sector Covered Bonds (Hypothekenbank Frankfurt AG - Public Sector Covered Bonds (03/22/1996 - 03/22/2005))
Commerzbank AG - Public-Sector Covered Bonds (Hypothekenbank Frankfurt AG - Public Sector Covered Bonds (03/30/2005 - 08/12/2008))
Commerzbank AG - Public-Sector Covered Bonds (Hypothekenbank Frankfurt AG - Public Sector Covered Bonds)
Commerzbank AG - Public-Sector Covered Bonds (Hypothekenbank Frankfurt AG - RHEINHYP Rheinische - Eurohypo AG - Public Sector Covered Bonds)
Commerzbank AG - Public-Sector Covered Bonds (Hypothekenbank Frankfurt AG (Old) - Hypothekenbank Frankfurt AG - Public Sector Covered Bonds)
Deutsche Pfandbriefbank AG
Eurohypo AG (Old) - Eurohypo AG - Mortgage Covered Bonds
Eurohypo AG (Old) - Mortgage Covered Bonds
Eurohypo AG (Old) - Public Covered Bonds
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
Hypothekenbank Frankfurt AG
Hypothekenbank Frankfurt AG - Mortgage Covered Bonds (06/06/2003 - 03/30/2005)
Hypothekenbank in Essen AG
Hypothekenbank in Essen AG - Mortgage Pfandbriefe
Hypothekenbank in Essen AG - Public Sector Pfandbriefe
Hypothekenbank in Essen AG - Public Sector Pfandbriefe (01/05/1997 - 05/16/2003)
Hypothekenbank in Hamburg AG - Eurohypo AG - Public Covered Bonds
RHEINHYP Rheinische Hypothekenbank AG - Eurohypo AG - Mortgage Covered Bonds
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)
Rating Action:

MOODY'S PLACES ON REVIEW FOR POSSIBLE UPGRADE THE RATINGS FOR MORTGAGE PFANDBRIEFE AND PUBLIC SECTOR PFANDBRIEFE OF BAYERISCHE HYPOTHEKEN- UND VEREINSBANK, WUERTTEMBERGISCHE HYPOTHEKENBANK AND HYPOTHEKENBANK IN ESSEN

15 Mar 2004

Review follows the final approval by the German upper chamber (Bundesrat) of the changes to the Mortgage Bank Act; Pfandbrief ratings for AHBR, Hypo Real Estate Bank AG and Eurohypo also affected

Frankfurt, March 15, 2004 -- Moody's Investors Service placed on review for possible upgrade the Aa3 ratings for Mortgage Pfandbriefe and the Aa2 ratings for Public Sector Pfandbriefe of Bayerische Hypotheken- und Vereinsbank AG (HVB) and Wuerttembergische Hypothekenbank AG (Wuertthyp), and the Aa2 ratings for Mortgage Pfandbriefe and the Aa1 ratings for Public Sector Pfandbriefe of Hypothekenbank in Essen AG (Essenhyp).

The rating reviews follow the final approval by the German upper chamber (Bundesrat) of the changes to the Mortgage Bank Act and build upon Moody's comments on these amendments in November 2003, when the rating agency had indicated a widened possible notching gap from issuer's unsecured rating to five for Public Sector Pfandbriefe and to four for Mortgage Pfandbriefe. At the time, Moody's had also communicated that it expected most Pfandbrief ratings to be not lower than Aa1 for Public Sector and Aa2 for Mortgage Pfandbriefe.

Moody's added that the amendments to the Mortgage Bank Act would also be incorporated in the current review process for Allgemeine Hypothekenbank Rheinboden AG (AHBR) and Hypo Real Estate Bank AG, whose A1 ratings for Mortgage Pfandbriefe and Aa3 ratings for Public Sector Pfandbriefe had been placed on review for possible upgrade in January 2004, following the publication of the details for the calculation of stress scenarios for the net present value (NPV) coverage requirement.

Moody's further noted that the Pfandbrief-ratings of Eurohypo AG may also be affected by the amendments to the Mortgage Bank Act. In December 2003, Moody's had placed the A1 senior long term ratings of Eurohypo AG, and consequently also the Aa1 Mortgage Pfandbrief and the Aaa Public Sector Pfandbrief ratings, on review for possible downgrade. Following the amendments to the Mortgage Bank Act, it is now possible that the Pfandbrief ratings for Eurohypo be confirmed at their current level, even if the review would lead to a modest downgrade of the A1 senior unsecured rating.

The amendments to the Mortgage Bank Act have introduced among others a mandatory 2% over-collateralisation (OC) requirement on a NPV basis, a clarification that any voluntary OC is protected for the benefit of the Pfandbrief holders and detailed rules in regard to the administration of the cover pool in case of issuer insolvency.

Commenting on the changes to the Mortgage Bank Act, Moody's said that the greater possible differentiation between unsecured and Pfandbrief ratings of the same issuer reflected the enhanced legal framework, but also required a more focused analysis specifically of the cover pool, to examine the extent to which Pfandbrief creditors' protection against non-substitution risk, liquidity and refinancing risk is sufficiently improved to warrant the wider notching gap and the high minimum ratings expected for most Pfandbriefe issuers. To this extent, the review will specifically focus on the asset quality in the cover pool, the implementation of the NPV calculation, and the Asset Liability Management within the cover pool.

Bayerische Hypotheken- und Vereinsbank AG is headquartered in Munich and as of FYE 2003 hat total assets of EUR 479.5 billion; Hypo Real Estate Bank AG is also based in Munich and as of June 30, 2003, had total assets of EUR 122 billion. Wuerttembergische Hypothekenbank AG is based in Stuttgart and reported total assets of EUR 27.7 billion at September 30, 2003. With total assets of EUR 75.3 billion, AHBR is based in Frankfurt, as is Eurohypo with total assets of EUR 226 billion, both at September 30, 2003.

Essenhyp is based in Essen and in the first nine months of 2003 reported total assets of EUR 73.9 billion

Frankfurt
Michael Dawson-Kropf
VP - Senior Credit Officer
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 33 1 53 43 93 78 SUBSCRIBERS: 44 20 7772 5454

London
Johannes Wassenberg
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

MOODY'S PLACES ON REVIEW FOR POSSIBLE UPGRADE THE RATINGS FOR MORTGAGE PFANDBRIEFE AND PUBLIC SECTOR PFANDBRIEFE OF BAYERISCHE HYPOTHEKEN- UND VEREINSBANK, WUERTTEMBERGISCHE HYPOTHEKENBANK AND HYPOTHEKENBANK IN ESSEN
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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​
Moodys.com