Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Вы переходите с русскоязычного сайта Moody's на международный сайт Moody's на английском языке. Продолжить?
Больше не показывать данное сообщение
Да
Нет
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], 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 inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​​

I AGREE
Rating Action:

Moody's places BremerLB's debt and deposit ratings on review for upgrade

09 Dec 2016

Parent NORD/LB's Fuerstenberg preference shares also downgraded

Frankfurt am Main, December 09, 2016 -- Moody's Investors Service has today placed on review for upgrade the ratings of Bremer Landesbank Kreditanstalt Oldenburg GZ (BremerLB), including the bank's Baa3 long-term deposit ratings, its Ba1 long-term senior unsecured debt and issuer ratings as well as BremerLB's P-3 short-term programme and deposit ratings. Concurrently, the rating agency affirmed BremerLB's Baseline Credit Assessment (BCA) at caa2 and placed on review for upgrade BremerLB's b1 Adjusted BCA. Moody's also placed on review for upgrade BremerLB's Baa3(cr)/P-3(cr) Counterparty Risk (CR) Assessment and the bank's (P)B2 subordinated medium-term note program rating.

These rating actions were prompted by the measures launched by BremerLB and its parent Norddeutsche Landesbank GZ (NORD/LB) to closely integrate BremerLB into the NORD/LB group within the next weeks, including a pre-agreement between the City of Bremen (unrated) and the Land of Lower Saxony (unrated) to modify the statutes of BremerLB and to allow for the entry into force of a control and profit and loss transfer agreement with NORD/LB effective after the ownership change targeted for 1 January 2017.

Moody's also downgraded the rating of NORD/LB's non-cumulative preference share vehicles Fuerstenberg Capital II GmbH to Caa2(hyb) from Caa1(hyb), and Fuerstenberg Capital GmbH (I) to Caa2(hyb) from B2(hyb). All other ratings of NORD/LB were unaffected.

The rating actions on NORD/LB's preference shares were triggered by the bank's 24 November announcement that its annual loss for 2016 is expected to exceed €1 billion on a group-wide consolidated basis because of a significant increase in its risk provisioning for ship finance exposures.

For a list of all affected ratings, please refer to the end of this press release.

RATINGS RATIONALE

RECENT DEVELOPMENTS AT BREMERLB AND NORD/LB

On 23 November, BremerLB lowered its full-year result guidance for 2016, saying it now expects a "high triple-digit million loss" due to high loan loss provisioning needs related to its shipping loan portfolio. At the same time, the bank announced it plans to enter into a control and profit and loss transfer agreement with its future full owner NORD/LB. The rating agency understands that in a shareholders' meeting on 2 December 2016, BremerLB's current owners have agreed in principle on the entry into force of this agreement after the full ownership transfer to NORD/LB on 1 January 2017.

An updated interstate agreement on the governance of BremerLB will provide for the possibility of this bank entering into such a control and profit and loss transfer agreement. While this agreement requires the successful conclusion of the ratification processes in the parliaments of Bremen and Lower Saxony, it was signed by the finance ministers of both states on 14 November 2016.

For the first nine months of 2016, NORD/LB reported a group-wide net loss of €736 million and the banking group warned of a consolidated 2016 full-year loss in excess of €1 billion, based on loan loss provisioning needs of more than €2 billion in 2016, predominantly caused by its shipping loan portfolio.

AFFIRMATION OF BREMER/LB'S BASELINE CREDIT ASSESSMENT

The affirmation of BremerLB's caa2 BCA reflects unchanged pressure on the bank's solvency, as expressed by the €384 million loss in the first six months of 2016 and by BremerLB's recent warning of a "high triple-digit million loss" for the full year 2016. The affirmation also reflects that, despite the loss, BremerLB has remained above regulatory minimum capital levels with a Common Equity Tier 1 ratio of 11.0% as of 30 June 2016 (December 2015: 10.8%) and that Moody's expects the bank to be able to avert a violation of regulatory minima as of year-end 2016.

As NORD/LB progresses in its acquisition and integration of BremerLB, upward pressure may arise on the latter's standalone BCA, depending on next year's progress in de-risking and/or recapitalising BremerLB to a degree that the entity's solvency risks return to a more balanced level.

REVIEW FOR UPGRADE OF BREMERLB'S ADJUSTED BCA AND LONG-TERM RATINGS

Moody's has placed the long-term debt, issuer, and deposit ratings of BremerLB on review for upgrade to reflect the significant progress towards an ownership transfer and tight integration made in the past weeks. The review for upgrade of BremerLB's b1 Adjusted BCA reflects Moody's view that BremerLB would benefit from "affiliate-backing" of its future full owner NORD/LB, including any potential support by the institutional protection scheme of Sparkassen-Finanzgruppe (Corporate Family Rating Aa2 stable, BCA a2). Moody's concept of "affiliate-backing" is the strongest form of support assumption in the absence of a guarantee and can add to the supported entity's Adjusted BCA multiple notches of uplift from its standalone BCA.

In light of the significant gap between BremerLB's very weak caa2 BCA and NORD/LB's ba1 Adjusted BCA, a full alignment of both entities' Adjusted BCAs and long-term ratings would only be achievable if the immediate pressures on BremerLB's standalone profile were unquestionably removed.

BremerLB's long-term ratings were also put on review for upgrade, reflecting the review for upgrade of the Adjusted BCA, an unchanged outcome of the Advanced LGF analysis performed at the group-wide level of NORD/LB and unchanged government support assumptions.

DOWNGRADE OF NORD/LB'S HYBRID RATINGS

The downgrade to Caa2(hyb) from Caa1(hyb) of the rating of non-cumulative preference shares issued by Fuerstenberg Capital II GmbH and the downgrade to Caa2(hyb) from B2(hyb) of the rating of non-cumulative preference shares issued by Fuerstenberg Capital GmbH (I) reflects Moody's assessment that these entities will suspend coupon payments in 2017 due to a net loss in NORD/LB's unconsolidated local GAAP 2016 accounts and that both instruments will face at least a temporary principal write-down as they absorb a proportionate share of the balance sheet loss of NORD/LB.

Moody's has been rating both instruments on an expected loss basis since both vehicles first announced earlier this year that they may need to suspend coupons in 2017. NORD/LB's significant first nine months' loss of €736 million on an IFRS group-wide basis indicates in Moody's view that investors in Fuerstenberg bonds need to absorb a coupon loss and principal write-down worth at least 10% of their original principal claim, commensurate with a Caa2(hyb) expected loss rating.

WHAT COULD CHANGE THE RATING - UP

BremerLB's debt and deposit ratings, which are on review for upgrade, may be upgraded by up to two notches upon a successful ownership transfer targeted for 1 January 2017, combined with the implementation of the proposed control and profit and loss transfer agreement with the parent.

Following the review period, additional upward pressure on BremerLB's Adjusted BCA and long-term ratings could result primarily from a significant improvement in BremerLB's standalone credit profile following a sizable de-risking and/or recapitalisation that would minimise the risk of regulatory intervention.

WHAT COULD CHANGE THE RATING - DOWN

BremerLB's ratings may be downgraded in the currently unexpected cases that the acquisition by NORD/LB cannot be executed successfully by 1 January 2017 or that NORD/LB's ba3 BCA were to decline by multiple notches as a result of further declining freight rates coupled with lack of progress in reducing the shipping exposure towards NORD/LB's medium-term target size of €12-14 billion.

Further, the long-term debt and deposit ratings of NORD/LB and BremerLB may be downgraded if, at the group level, the amount of equal-ranking or subordinated debt for an individual debt class was to decline beyond current expectations, leading to a less favorable outcome under Moody's Advanced LGF analysis.

NORD/LB's hybrid instruments Fuerstenberg Capital GmbH (I) and Fuerstenberg Capital II GmbH may be further downgraded if the risk of an extended coupon suspension beyond 2017 increases materially or if the principal write-down in 2017 is steeper than Moody's currently expects.

LIST OF AFFECTED RATINGS

Issuer: Bremer Landesbank Kreditanstalt Oldenburg GZ

Placed on Review for Upgrade:

....Adjusted Baseline Credit Assessment, Currently at b1

....LT Counterparty Risk Assessment, Currently at Baa3(cr)

....ST Counterparty Risk Assessment, Currently at P-3(cr)

....LT Issuer Rating (Foreign), Currently at Ba1, Outlook changed to Rating under Review from Positive

....LT Bank Deposits (Local & Foreign), Currently at Baa3, Outlook changed to Rating under Review from Positive

....ST Banks Deposits Rating (Local & Foreign), Currently at P-3

....Senior Unsecured (Local), Currently at Ba1, Outlook changed to Rating under Review from Positive

....Senior Unsecured MTN (Local), Currently at (P)Ba1

....Subordinate MTN (Local), Currently at (P)B2

....Other Short Term (Local), Currently at (P)P-3

....Commercial Paper (Local), Currently at P-3

Affirmations:

....Baseline Credit Assessment, Affirmed at caa2

Outlook action:

....Outlook, Changed To Rating Under Review from Positive

Issuer: Fuerstenberg Capital GmbH (I)

Downgrade:

....Pref. Stock Non-cumulative Preferred Stock (Local Currency), Downgraded to Caa2(hyb) from B2(hyb)

Issuer: Fuerstenberg Capital II GmbH

Downgrade:

....Pref. Stock Non-cumulative Preferred Stock (Local Currency), Downgraded to Caa2(hyb) from Caa1(hyb)

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in January 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Items color coded in purple in this from to list relate to unsolicited ratings for a rated entity which is non-participating.

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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Bernhard Held
Vice President - Senior Analyst
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

No Related Data.
© 2020 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 INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE 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 MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE 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.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating 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 or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

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 $2,700,000. 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 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 — 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 JPY125,000 to approximately JPY250,000,000.

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

​​​​​​​​