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07 Aug 2006
Rating action follows announcement of possible sale by majority shareholder ING Group
London, 07 August 2006 -- Moody's Investors Service placed the Aa3 long-term debt and
deposit ratings and the C+ Bank Financial Strength Rating of Deutsche
Hypothekenbank AG on review with direction uncertain. The bank's
Prime-1 short-term rating and the Aaa ratings for the bank's
Mortgage Pfandbriefe and its Public-Sector Pfandbriefe (covered
bonds) have been placed on review for possible downgrade.
Moody's said that the rating action follows the announcement by
ING Group that it is in negotiations to sell its 83.7% stake
in the German mortgage lender. At their current level, the
Aa3 ratings incorporate a degree and likelihood of expected support from
ING Group, which would have to be reassessed in the event that a
sale succeeds and a new majority owner emerges. Given that the
likely outcome of the sale process is not yet certain, the impact
of a new majority owner on the bank's ratings remains open.
Key factors will be the new majority owner's own creditworthiness
and its commitment to support its subsidiary.
Although Deutsche Hypothekenbank AG is currently operating on a relatively
stand-alone basis with regard to the ING Group and therefore its
bank financial strength rating ("BFSR") primarily reflects
its own creditworthiness, Moody's notes that a new majority
owner may alter the bank's business model, with potential
implications for its BFSR.
A significant deterioration in the bank's own creditworthiness and
possible owner support could also affect the bank's Prime-1
short term rating.
The Covered Bonds have also been put on review for possible downgrade.
The rating outcome for the covered bonds will be determined by amongst
others, the impact of a potential sale on the following: (1)
the credit strength of the Issuer; (2) the credit strength of the
cover pool; and (3) the amount of further structural support that
may be forthcoming if required to target a given rating
The following ratings are on review with direction uncertain:
- Aa3 long-term debt and deposit ratings
- C+ bank financial strength rating
- A1 subordinated debt rating
The following ratings are on review for possible downgrade:
- Prime-1 short-term debt and deposit rating
- Aaa Public-Sector Pfandbriefe (covered bonds)
- Aaa Mortgage Pfandbriefe (covered bonds)
Based in Hanover, Germany, Deutsche Hypothekenbank AG reported
total consolidated assets of EUR33.2 billion as of 31 December
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
MOODY'S REVIEWS DEUTSCHE HYPOTHEKENBANK'S Aa3/C+ RATINGS WITH DIRECTION UNCERTAIN AND P-1/Aaa COVERED BONDS RATINGS FOR POSSIBLE DOWNGRADE
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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