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Related Issuers
Bayerische Hypotheken-und Wechsel Bank A.G.
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
HVB Funding Trust IV
HVB Funding Trust VII
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 (10/19/1998 - 08/02/2002)
UniCredit Bank AG, Paris Branch
Unicredit Bank AG, Singapore Branch
UniCredit Bank Austria AG
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 REVIEWS FOR POSSIBLE DOWNGRADE HVB'S LONG-TERM RATINGS (SENIOR UNSECURED AT Aa3); THE REVIEW ALSO APPLIES TO VARIOUS RATINGS OF HVB'S SUBSIDIARIES; HVB'S PUBLIC SECTOR PFANDBRIEF RATINGS ARE MAINTAINED AT Aaa

20 Jun 2002

London, 20 June 2002 -- Moody's placed on review for possible downgrade the long-term ratings of Bayerische Hypo- und Vereinsbank AG (HVB) -- senior at Aa3 -- and the bank's B financial strength rating, as well as the long-term unsecured ratings of various rated subsidiaries. The Aaa ratings for mortgage Pfandbriefe of HVB and HVB Real Estate Bank, the Aa1 ratings of the mortgage Pfandbriefe and the Aaa ratings of the public sector Pfandbriefe of the two mortgage-bank subsidiaries, Wuerttembergische Hypothekenbank and Westfaelische Hypothekenbank, were also placed on review for possible downgrade. The Prime-1 ratings for short-term debt and deposits for the affected group entities remain unchanged, as does the Aaa ratings for public-sector Pfandbriefe issued directly by HVB and HVB Real Estate Bank. The Aa2 rating of Bank Austria's "grandfathered" debt remains unchanged with a stable outlook.

Moody's said that the rating review will address HVB's ongoing challenges to strengthen its persistently weak recurring profitability in the German market which remains depressed in terms of performance. Insufficient profitability leaves HVB in a more tenuous position to achieve a higher efficiency of its various operating subsidiaries.

The result of several mergers and acquisitions in recent years, HVB has an important position outside Germany, primarily in Austria (through its subsidiary Bank Austria, the country's largest bank) and in several countries in Central and Eastern Europe, notably in Poland. In Germany the bank is the country's second largest, with a more important franchise in its home region of Bavaria. Moody's added however that its market position is far from being dominant, owing to the highly fragmented structure of the German banking market.

Commenting on the group's modest earnings capacity, Moody's said that earnings from retail and commercial banking remain relatively depressed and a materially better outlook for this year and possibly the next year is less likely. That said, HVB's earnings are not out of line with those of the other large German private banks. While the group's loan loss provisions are rising, they are not at a highly uncomfortable level, but the modest earnings level provides a relatively lower cushion.

While reviewing at this stage the appropriateness of the current ratings for HVB, Moody's added that the group remains well positioned in its core markets and that the mergers and acquisitions of the recent years should in time prove to be very beneficial if significant efficiencies are ultimately achieved.

The following ratings of HVB and its major subsidiaries were placed on review for possible downgrade:

Bayerische Hypo- und Vereinsbank AG -- Senior long term debt, issuer and deposit ratings at Aa3, mortgage Pfandbriefe at Aaa, long term subordinated debt at A1, subordinated Tier 3 debt instruments at A2, bank financial strength rating of B.

HVB Real Estate Bank AG -- Senior long term debt and deposit ratings at Aa3, mortgage Pfandbriefe at Aaa, long term subordinated debt at A1, bank financial strength rating of B-.

Bank Austria AG - Senior long term debt and deposit ratings at Aa3, subordinated debt at A1, bank financial strength rating of B-.

Creditanstalt AG -- Deposit ratings at Aa3.

Bayerische Hypo- und Vereinsbank AG, Paris Branch --Senior long term debt and deposits at Aa3.

Bayerische Hypo- und Vereinsbank AG, Singapore Branch -- Senior long term debt at Aa3, long term subordinated A1 debt.

HypoVereinsbank Overseas Finance N.V. -- Senior long term debt rating Aa3, long term subordinated debt at A1.

HypoVereinsbank Finance N.V. --Senior long term debt rating Aa3, long term subordinated A1.

HVB Bank Ireland --Issuer rating and deposits at A1.

HypoVereinsbank Luxembourg S.A. --Issuer rating and deposit ratings at A1, subordinated debt at A2, preferred stock rating at A3.

HVB Funding Trust, II, III, IV, V, VII, VIII at A2.

Württembergische Hypothekenbank AG, senior long term debt and long term bank deposits at A1, mortgage Pfandbriefe at Aa1, public sector Pfandbriefe at Aaa.

Westfälische Hypothekenbank AG, senior unsecured and long term bank deposits at A1, subordinated debt A2, mortgage Pfandbriefe at Aa1 and public sector Pfandbriefe at Aaa.

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
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
44 20 7772 5454

MOODY'S REVIEWS FOR POSSIBLE DOWNGRADE HVB'S LONG-TERM RATINGS (SENIOR UNSECURED AT Aa3); THE REVIEW ALSO APPLIES TO VARIOUS RATINGS OF HVB'S SUBSIDIARIES; HVB'S PUBLIC SECTOR PFANDBRIEF RATINGS ARE MAINTAINED AT Aaa
No Related Data.
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