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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
Essenhyp is based in Essen and in the first nine months of 2003 reported
total assets of EUR 73.9 billion
VP - Senior Credit Officer
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 33 1 53 43 93 78
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
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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