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By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Announcement:

Moody's Disclosures on Credit Rating of Deutsche Pfandbriefbank AG

20 Apr 2012

Frankfurt am Main, April 20, 2012 -- The following release represents Moody's Investors Service's summary credit opinion on Deutsche Pfandbriefbank AG and includes certain regulatory disclosures regarding its ratings. This release does not constitute any change in Moody's ratings or rating rationale for Deutsche Pfandbriefbank AG.

Moody's current ratings on Deutsche Pfandbriefbank AG and its affiliates are:

Senior Unsecured (domestic and foreign currency) ratings of A3

Senior Unsecured MTN Program (domestic currency) ratings of (P)A3

Long Term Bank Deposits (domestic and foreign currency) ratings of A3

Bank Financial Strength ratings of E+

Subordinate (domestic currency) ratings of B2

Subordinate MTN Program(domestic currency) ratings of (P)B2

Commercial Paper (domestic currency) ratings of P-1

Short Term Bank Deposits (domestic and foreign currency) ratings of P-1

Short Term Deposit Note/CD Program (domestic currency) ratings of P-1

Other Short Term (domestic currency) ratings of (P)P-1

DEPFA Deutsche Pfandbriefbank AG -- merged into Hypo Real Estate Bank AG in 2009 which was renamed to Deutsche Pfandbriefbank AG in 2009

Senior Unsecured MTN Program (domestic currency) ratings of (P)A3

Subordinate MTN Program (domestic currency) ratings of (P)B2

BACKED Senior Unsecured (domestic and foreign currency) ratings of A3

BACKED Senior Unsecured MTN Program (domestic currency) ratings of (P)A3

BACKED Subordinate MTN Program (domestic currency) ratings of (P)B2

DEPFA Finance N.V.

BACKED Senior Unsecured MTN Program (domestic currency) ratings of (P)A3

Westfaelische Hypothekenbank AG -- merged into Hypo Real Estate Bank AG in 2003 which was renamed to Deutsche Pfandbriefbank AG in 2009

Senior Unsecured MTN Program (domestic currency) ratings of (P)A3

Subordinate (domestic currency) ratings of B2

Subordinate MTN Program (domestic currency) ratings of (P)B2

BACKED Senior Unsecured (domestic currency) ratings of A3

BACKED Subordinate (domestic currency) ratings of B2

Hypo Real Estate Bank International AG -- merged into Hypo Real Estate Bank AG in 2008 which was renamed to Deutsche Pfandbriefbank AG in 2009

Senior Unsecured MTN Program (domestic and foreign currency) ratings of (P)A3

Subordinate MTN Program (domestic currency) ratings of (P)B2

BACKED Senior Unsecured (domestic currency) ratings of A3

BACKED Subordinate (domestic currency) ratings of B2

RATING RATIONALE

The low E+ BFSR assigned to pbb Deutsche Pfandbrief AG (pbb), which maps to a baseline credit assessment (BCA) of b1, reflects its intrinsic financial weaknesses in the absence of government support. According to Moody's, pbb is likely to face challenges in restoring its profitability and repairing its funding franchise, especially in terms of access to the unsecured debt markets. In contrast, the positive outlook on the BFSR reflects our recognition of the value of pbb's established commercial real-estate finance business, the recovery of which should enable pbb to deliver on its business plan.

The A3 senior unsecured debt and deposit ratings of pbb reflect our continued expectation of a very high probability of systemic support. We fully recognise the strong systemic support that has been evolving since the group first experienced distress and needed financial assistance in late September 2008 and the role it has played in restoring pbb's capital and liquidity position. The uplift that we factor into the A3 debt and deposit ratings under our joint default analysis (JDA) methodology is seven notches above pbb's B1 standalone credit strength. The subordinated debt rating of pbb is B2 and the short-term rating is Prime-1. The outlook on all these ratings is stable.

Rating Outlook

As we consider that the A3 rating level for senior unsecured debt and deposits accurately reflects the German government's support towards pbb, the outlook is stable on the A3 senior unsecured debt and deposit ratings. The outlook on the BFSR is positive, reflecting our recognition of the value of pbb's established commercial real-estate finance business. If this business line continues to recover, it would enable pbb to deliver on its business plan.

What Could Change the Rating - Up

Upward pressure on the E+ BFSR could materialise in the event of (i) a recovery of pbb's business franchise as a specialised lender for commercial real-estate and public investment finance; (ii) evidence of sustainable profits; and (iii) the group's ability to re-establish an independent funding franchise.

Upward pressure on the group's senior debt and deposit ratings is unlikely, given that any upward migration of the BFSR is likely to be gradual and would therefore narrow the currently extraordinary level of support uplift incorporated into the ratings.

What Could Change the Rating - Down

Downward pressure on the E+ BFSR could be triggered by (i) a failure to restore pbb's business franchise; (ii) renewed setbacks due to higher-than-anticipated credit losses in pbb's core business areas; and (iii) difficulties in tapping the unsecured debt markets.

Downward pressure on the A3 ratings could result from (i) a further downgrade of the E+ BFSR; (ii) substantial support becoming less than we currently expect, or any sooner-than-warranted exit strategy of the German government; and/or (iii) a gradual decrease of pbb's systemic importance.

The methodologies used in these ratings were : "Bank Financial Strength Ratings: Global Methodology" published in February 2007, and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: Global Methodology" published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entities or their related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Mathias Kuelpmann
Senior Vice President
Financial Institutions Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Carola Schuler
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Disclosures on Credit Rating of Deutsche Pfandbriefbank AG
No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service, Inc. and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Charter Documents - Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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