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05 Oct 2004
Outlook on Hypo Germany's Baa1 long-term ratings changed to positive from stable
Frankfurt, October 05, 2004 -- Moody's Investors Service placed under review for possible upgrade the
D+ financial strength rating of Hypo Real Estate Bank AG (Hypo Germany)
and changed to positive from stable the outlook for the bank's Baa1
long-term debt rating, while maintaining the stable outlook
for the short-term Prime-2 debt and deposit ratings.
At the same time, Moody's is reviewing for possible upgrade
the A3/Prime-2 debt and deposit ratings and Aa1 Public-Sector
Pfandbrief and Aa2 Mortgage-Pfandbrief ratings of Württemberg
Hypothekenbank (WürttHyp). Finally, Moody's changed
to positive from stable the outlook for the A3/Prime-2/C ratings
of Hypo Real Estate Bank International (Hypo International).
Moody's says that these actions reflect the positive development
of the Hypo Real Estate group -- which combines under Hypo Real Estate
Holding the three specialised commercial real estate lenders WürttHyp,
Hypo Germany and Hypo International -- over the past 18 months.
Specifically, the review of Hypo Germany's D+ FSR reflects
the progress this troubled bank has achieved in restructuring over the
past 18 months. After substantial loan loss provisions in 2002
and 2003 and restructuring charges to address the weak asset quality and
inefficiencies, Hypo Germany recently sold the majority of its non-performing
and problematic loans to a private investor. According to Moody's,
the review will focus on the likelihood that Hypo Germany will experience
more normalised loan loss provisions going forward, in particular
after 2004 when Hypo Germany can for the last time access funds from the
ring-fencing provided by HypoVereinsbank (rated A3/P-1/C-).
Moody's adds that an improvement in Hypo Germany's risk return
profile will also depend on how efficiently Hypo Germany can write new
business in Germany after nearly two years of restricted business activities.
The positive outlook on Hypo Germany's Baa1 debt and deposit ratings
is based on the restructuring efforts and improving financials of Hypo
Germany as well as the overall improving creditworthiness of the Hypo
Real Estate Group, reflecting the relative strong correlation between
the three group members. Additionally, the positive outlook
on Hypo International's ratings takes account of its positive development
since it started operations as a specialised lender and advisor for commercial
real estate in 2003. Moody's added that, Hypo International
has diversified its funding -- for example, by reducing its
dependency on funding from HypoVereinsbank (rated A3/P-1/C-)
-- has improved its profitability and has not experienced any specific
credit expense so far. In addition, Hypo International has
strengthened its risk management, controlling and IT functions required
for this enlarged and specialised bank. In view of Hypo International's
addition of new businesses over the past 12 months -- for example,
its capital markets activities in New York -- and the rapid growth
of its portfolio, Moody's will continue to monitor how the
bank copes with this dynamic development over time.
Moody's added that the review of WürttHyp's A3/P-1
ratings is linked to the review of Hypo Germany's ratings.
According to Moody's, if Hypo Germany reduces the downside
risk for the overall Hypo Real Estate group, WürttHyp's
debt and deposit ratings would correlate more strongly with its own relatively
sound financial fundamentals, reflected in the C+ financial
strength rating. Moreover, Moody's noted that WürttHyp's
improved stronger stand-alone credit worthiness should also have
positive rating connotations for its Pfandbriefe.
The ratings affected by today's rating actions are as follows:
Ratings under review for possible upgrade:
- Hypo Real Estate Bank AG: D+ Financial Strength Rating.
- Württemberger Hypothekenbank AG: A3 long-term
senior unsecured debt and deposit ratings; Baa1 subordinated debt
rating; Prime-2 short-term debt and deposit ratings,
Aa2 Mortgage Pfandbriefe and Aa1 Public-Sector Pfandbriefe.
Hypo Real Estate Bank International, headquartered in Dublin,
had consolidated total assets of EUR18.2 billion as of 30 June
2004. Hypo Real Estate Bank AG, headquartered in Munich,
had total assets of EUR99.1 billion as of 30 June 2004.
Württemberger Hypothekenbank, headquartered in Stuttgart,
had total assets of EUR31.1 billion as of 30 June 2004
Samuel S. Theodore
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
MOODY'S REVIEWS FOR POSSIBLE UPGRADE HYPO GERMANY'S D+ FINANCIAL STRENGTH RATING AND WUERTTHYP'S A3/P-2 DEBT AND DEPOSIT RATINGS AND Aa1/Aa2 PFANDBRIEF RATINGS
VP - Senior Credit Officer
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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