FHC/LHB Oeff Pfandbf Afmd;Cparty Rtgs Cut;Off S&PWatch.LONDON--(BUSINESS WIRE)--Standard & Poor's CreditWire 8/26/98-- Standard & Poor's today lowered to double-'A'-plus from triple-'A' its counterparty Counterparty The other participant, including intermediaries, in a swap or contract. credit ratings of Frankfurter Hypothekenbank Centralboden AG (FHC FHC Fernando Henrique Cardoso (President of Brazil, 1994-2002) FHC Family History Center FHC Financial Holding Company FHC Feline Health Center (Cornell University) FHC Fixed Head Coupe ) and Luebecker Hypothekenbank AG (LHB LHB Local Health Board LHB Luteinizing Hormone, Beta Polypeptide LHB Longhorn Band LHB Left Handed Batsman (cricket) LHB Left Halfback (soccer) LHB Line History Block LHB Langley Handbook LHB Loss History Buffer ), following the downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. of its parent company, Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank AG (see related press release). The outlook is negative. The ratings were removed from CreditWatch where they were placed with negative implications Jan. 28, 1998. The counterparty ratings reflect the bank's ownership by double-'A'-plus rated Deutsche Bank AG (DB) and its important role in one of the group's core domestic business activities. The mortgage bank's generally good asset quality, and steady, although modest, profitability also are significant positives. At the same time, Standard & Poor's affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. its triple-'A' rating on FHC's and LHB's Oeffentliche Pfandbriefe. The affirmation of the triple-'A' ratings on the Oeffentliche (public sector) Pfandbriefe primarily reflects the Pfandbriefe collateral, coupled with protections afforded by German insolvency insolvency Condition in which liabilities exceed assets so that creditors cannot be paid. It is a financial condition that often precedes bankruptcy. In the context of equity, insolvency is the inability to pay debts as they become due; insolvency under the balance-sheet and banking laws. Each bank maintains a segregated, revolving pool of high-quality public sector loans on which the Oeffentliche Pfandbriefe have a preferential pref·er·en·tial adj. 1. Of, relating to, or giving advantage or preference: preferential treatment. 2. claim. The amount of collateral is sufficient to absorb potential credit losses repay principal of and interest on the Pfandbriefe as they come due, even in the unlikely event that the bank is unable to meet its other obligations. The rating also reflects the sound quality of the banks' management, control, and expertise. Remaining on CreditWatch with negative implications are the Hypotheken- (mortgage) Pfandbriefe ratings of both banks, given the pending review of the banks' mortgage pool and mortgage Pfandbriefe. Standard & Poor's review of the Hypotheken- (mortgage) Pfandbriefe ratings includes an analysis of the mortgage loan collateral and a comparison of its cash flow to debt-service payments on the related Pfandbriefe. --CreditWire
RATINGS LOWERED AND REMOVED FROM CREDITWATCH
TO FROM
Frankfurter Hypothekenbank Centralboden AG
Counterparty credit rtg AA+ AAA/Watch Neg
Luebecker Hypothekenbank AG
Counterparty credit rtg AA+ AAA/Watch Neg
AFFIRMED RATINGS RATING
Frankfurter Hypothekenbank Centralboden AG
Luebecker Hypothekenbank AG
Sr secd oeffentl. Pfandbriefe AAA
EUROHYPO European Mortgage Bank Plc
Counterparty credit rtg A-1+
Commercial paper A-1+
RATINGS STILL ON CREDITWATCH NEGATIVE RATING
Frankfurter Hypothekenbank Centralboden AG
Luebecker Hypothekenbank AG
Sr secd Hypothekenfandbriefe AAA/WatchNeg
CONTACT: Michael Zlotnik, Frankfurt (49) 69-138709-18 Nancy Olson, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (1) 212-208-8809 Gail Hessol, New York (1) 212-208-1631 For more information on criteria or subscriptions: http://www.ratings.standardpoor.com |
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