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24 Jan 2006
Reflecting the unconditional and irrevocable guarantee extended by Hypo Real Estate Bank International in favour of Hypo Public Finance Bank
London, 24 January 2006 -- Moody's upgraded the long-and short-term debt and
deposit ratings of Hypo Public Finance Bank puc to A2/P-1 from
A3/P-2 and confirmed the A2/P-1/C+ debt and financial
strength ratings of Hypo Real Estate Bank International AG. At
the same time, the subordinated debt rating for Hypo Public Finance
Bank's was upgraded to A3 from Baa1 and confirmed at A3 for Hypo
Real Estate Bank International. All these ratings carry a stable
outlook. Hypo Public Finance Bank's C financial strength
rating (FSR) and the A3/P-2/C- ratings of Hypo Real Estate
Bank AG, as well as the stable outlooks, remain unaffected
by this rating action.
The Aa1/Aa2 public-sector and mortgage Pfandbrief ratings of Hypo
Real Estate Bank International and Aa1/Aa3 public-sector and mortgage
Pfandbrief ratings of Hypo Real Estate Bank remain on review for possible
With effect from January 2006, Hypo Real Estate Group has modified
its legal and operational structure so that in future Hypo Real Estate
Bank International AG (formerly Wuerttembergische Hypothekenbank AG,
Stuttgart) will be responsible for the group's international commercial
real estate financing, Hypo Real Estate Bank AG (Munich) will continue
to focus on commercial real estate lending in Germany and Hypo Public
Finance Bank puc (formerly Hypo Real Estate Bank International puc,
Dublin) will take care of the group's public finance, capital
markets and asset management activities. Moody's said that
it affirmed the ratings of the group's three major operating banks
following the announcement of the new corporate structure in August 2005,
based on the expectations that it should translate into efficiency gains
and better profitability in the medium term and that the group's
conservative underwriting and risk management practices would remain in
As part of the restructuring, Hypo Public Finance Bank puc has become
a subsidiary of Hypo Real Estate Bank International AG. Moody's
said that due to its legal status as a public unlimited company,
Hypo Public Finance Bank puc would benefit from Hypo Real Estate Bank
International's unlimited liability for Hypo Public Finance Bank's
obligations. According to the rating agency, the unlimited
liability underpinned the credit quality of Hypo Public Finance Bank but
had failed to address fully issues of timeliness of support so that the
ratings of the two banks had not been aligned. Moody's added
that the unconditional and irrevocable guarantee which Hypo Real Estate
Bank International has extended with effect from January 2006 to Hypo
Public Finance Bank, undertaking as principal obligor to pay immediately
and without deduction any sum not duly or punctually paid by Hypo Public
Finance Bank, implied a high likelihood that support, should
it ever be necessary, would be forthcoming promptly. Moody's
declared that going forward the long- and short term debt and deposit
ratings of Hypo Public Finance Bank puc would be linked to those of its
parent, Hypo Real Estate International AG, as long as the
guarantee would remain effective. Moody's cautioned that
in light of Hypo Public Finance Bank's current small size (according
to the new segment reporting), the financial impact on Hypo Real
Estate Bank International's creditworthiness of the contingent liability
created by the guarantee should be limited as long as the business expansion
at Hypo Public Finance Bank would be profitable enough to strengthen the
bank's capital sufficiently and as it would continue to coincide
with healthy financial fundamentals at Hypo Real Estate Bank International,
notably with respect to its asset quality, efficiency and economic
capitalization. The rating agency concluded by reiterating its
view that in the medium term, the sharper strategic focus on public
finance should have positive implications for the quality and liquidity
of the Irish bank's assets, and should allow expanding its
range of funding instruments, extending the maturity of its liabilities
and gaining access to a broader investor base. To the extent that
Hypo Public Finance Bank improved its efficiency, enhanced its profitability
and preserved its good regulatory and economic capitalization, the
anticipated strategic and financial improvements should put upward pressure
on its C financial strength rating.
Hypo Real Estate Group is headquartered in Munich, Germany and had
total assets of EUR 151 billion at the end of September 2005. It
mainly consists of Hypo Real Estate Holding AG, the non-operational
holding company, and the following three principal operating entities:
Hypo Real Estate Bank International AG is based in Stuttgart, Germany,
and had total assets of EUR32.3 billion at year-end 2004.
Hypo Public Finance Bank puc has its headquarter in Dublin, Ireland,
and had total assets of EUR24 billion at year-end 2004.
Hypo Real Estate Bank AG is domiciled in Munich, Germany and had
total assets of EUR85.4 billion at year-end 2004.
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
MOODY'S UPGRADES THE LONG-AND SHORT-TERM DEBT RATINGS OF HYPO PUBLIC FINANCE BANK PUC TO A2/P-1 FROM A3/P-2 AND CONFIRMS THE A2/P-1/C+ RATINGS OF HYPO REAL ESTATE BANK INTERNATIONAL AG; ALL RATINGS CARRY A STABLE OUTLOOK
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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