Fitch Rates Helaba's Pfandbriefe 'AAA'.FRANKFURT, Germany & LONDON -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. , the international rating agency, has today assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. all outstanding Landesbank Hessen-Thueringen's (Helaba) guaranteed Public Sector Pfandbriefe and Mortgage Pfandbriefe ratings of 'AAA'. Pfandbriefe are debt instruments secured by specific pools of cover assets and issued by German financial institutions such as public sector banks (Helaba among them) as well as specialised Adj. 1. specialised - developed or designed for a special activity or function; "a specialized tool" specialized specific - (sometimes followed by `to') applying to or characterized by or distinguishing something particular or special or unique; "rules with mortgage banks under distinct sets of legislation. These legislations will be replaced by one single legal framework, the Pfandbrief Act, on 19 July 2005. The ratings of Helaba's outstanding Public Sector and Mortgage Pfandbriefe are based on the guarantees provided by Helaba's owners, the Savings and Giro giro Noun pl -ros 1. (in some countries) a system of transferring money within a bank or post office, directly from one account into another 2. Association Hesse-Thuringia (85%), the federal State of Hesse (10%, rated 'AAA') and the federal State of Thuringia (5%, rated 'AAA') in the form of a maintenance obligation (Anstaltslast) and deficiency guarantee (Gewaehrtraegerhaftung). For more details on these guarantee mechanisms, please see the Fitch fitch: see polecat. report titled: "Landesbanks: yesterday, today, tomorrow," published on 24 June 2004. Obligations entered into up until 18 July 2001 without any maturity limitation and those entered into up until 18 July 2005 maturing before end-2015 will be "grandfathered." Insofar in·so·far adv. To such an extent. Adv. 1. insofar - to the degree or extent that; "insofar as it can be ascertained, the horse lung is comparable to that of man"; "so far as it is reasonably practical he should practice as the issue and maturity date of Helaba's Pfandbriefe comply with these deadlines, the upcoming change of legislation for Pfandbriefe will not affect their rating. For an explanation of Fitch rating approach of Pfandbriefe issued by Landesbanks, please refer to the Fitch report titled: "Analysis of German Pfandbriefe: Challenges for 2005," published on 28 October 2004. These reports are available on the agency's website, www.fitchratings.com. |
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