Moody’s cuts 17 Germany banking group ratings

Rating agency Moody’s has cut its outlook on 17 Germany banks to “negative” follwing a change to its outlook on German sovereign and sub-sovereign debt.

Moody’s said the ratings changes affected debt in the following way:

   – The outlook of several banks’ senior unsecured and subordinated debt instruments that are guaranteed by either the German government or by German federal states or municipalities have been changed to negative from stable to capture Moody’s revised outlook on the creditworthiness of the respective guarantor.

   – The outlook on Kreditanstalt fuer Wiederaufbau’s (KfW) Aaa long-term senior debt and deposit ratings was changed to negative from stable, reflecting Moody’s assessment of the weakened credit profile of the Government of Germany, the guarantee provider of the bank. As a result, the rating agency also changed the outlook on the Aa3 long-term ratings of its subsidiary KfW Ipex to negative from stable.

   – The outlook on several other government-related issuers (GRI) have been changed to negative from stable to capture Moody’s change in the outlook for the creditworthiness of the respective owners.

   – The outlook on EAA Covered Bond Bank plc’s (EAA CBB) Aa1 long-term deposit ratings was changed to negative from stable in line with the outlook for EAA CBB’s parent and guarantee provider Erste Abwicklungsanstalt (EAA) (Aa1, negative; P-1).

The latest rating changes are noted in the tables below.

Germany – Bank Rating Actions: Guaranteed Debt – 25 July 2012        
  Government guaranteed debt      
  Former   Rating action July 2012
Bank Name Rating Outlook Rating Outlook
Bayerische Landesbank (P)Aaa Sta (P)Aaa Neg
Bayerische Landesbank, (New York Branch)
Bayerische Landesbank, (Paris Branch)
Bayerische Landesbank, (London Branch)
DekaBank Deutsche Girozentrale
HSH Nordbank AG
Landesbank Schleswig-Holstein GZ*
Hamburgische Landesbank Girozentrale*
Hamburgische LB Finance (Guernsey) Limited
HSH N Finance (Guernsey) Limited
Landesbank Baden-Wuerttemberg
LANDESBANK SACHSEN AG*
LRP Landesbank Rheinland-Pfalz*
Landesbank Baden-Wuerttemberg, New York
LBBW Luxemburg S.A.
Landesgirokasse Stuttgart *
Sachsen LB Europe PLC *
Baden-Wuerttemberg L-Finance N.V.
Landeskreditbank Baden-Wuerttemberg
Landesbank Berlin AG
Landesbank Berlin, London Branch
LBB Finance (Ireland) plc
Landesbank Hessen-Thueringen GZ
Helaba International Finance PLC
Landesbank Saar
Norddeutsche Landesbank GZ
Bremer Landesbank
Norddeutsche Landesbank Luxembourg S.A.
Nord/LB Finance (Curacao) N.V.
Nord/LB Norddeutsche Securities plc
Norddeutsche Landesbank GZ (Singapore Br.)
NORD/LB G-MTN S.A
Portigon AG
WestLB Finance Curacao N.V.
Portigon AG, New York Branch
         
IKB Deutsche Industriebank AG Aaa Sta Aaa Neg
         
Kreditanstalt fuer Wiederaufbau Aaa Sta Aaa Neg
KfW IPEX-Bank GmbH Aa31 Sta Aa31 Neg
KFW International Finance, Inc.* Aaa Sta Aaa Neg
         
L-Bank
Landwirtschaftliche Rentenbank Aaa Sta Aaa Neg
LfA Foerderbank Bayern
NRW.BANK
Deutsche Postbank AG
Deutsche Siedlungs- und Landesrentenbank* Aaa Sta Aaa Neg
         
EAA Covered Bond Bank plc

 

  Fed./Loc. Government guaranteed debt      
  Former   Rating action July 2012
Bank Name Rating Outlook Rating Outlook
Bayerische Landesbank Aaa Sta Aaa Neg
Bayerische Landesbank, (New York Branch) Aaa Sta Aaa Neg
Bayerische Landesbank, (Paris Branch) Aaa Sta Aaa Neg
Bayerische Landesbank, (London Branch) Aaa Sta Aaa Neg
DekaBank Deutsche Girozentrale Aaa Sta Aaa Neg
HSH Nordbank AG Aa1 Sta Aa1 Neg
Landesbank Schleswig-Holstein GZ* Aa1 Sta Aa1 Neg
Hamburgische Landesbank Girozentrale* Aa1 Sta Aa1 Neg
Hamburgische LB Finance (Guernsey) Limited Aa1 Sta Aa1 Neg
HSH N Finance (Guernsey) Limited Aa1 Sta Aa1 Neg
Landesbank Baden-Wuerttemberg Aaa Sta Aaa Neg
LANDESBANK SACHSEN AG* Aaa Sta Aaa Neg
LRP Landesbank Rheinland-Pfalz* Aaa Sta Aaa Neg
Landesbank Baden-Wuerttemberg, New York (P)Aaa Sta (P)Aaa Neg
LBBW Luxemburg S.A. Aaa Sta Aaa Neg
Landesgirokasse Stuttgart * (P)Aaa Sta (P)Aaa Neg
Sachsen LB Europe PLC * Aaa Sta Aaa Neg
Baden-Wuerttemberg L-Finance N.V. (P)Aaa Sta (P)Aaa Neg
Landeskreditbank Baden-Wuerttemberg
Landesbank Berlin AG Aa1 Sta Aa1 Neg
Landesbank Berlin, London Branch Aa1 Sta Aa1 Neg
LBB Finance (Ireland) plc Aa1 Sta Aa1 Neg
Landesbank Hessen-Thueringen GZ Aa1 Sta Aa1 Neg
Helaba International Finance PLC Aa1 Sta Aa1 Neg
Landesbank Saar Aa1 Sta Aa1 Neg
Norddeutsche Landesbank GZ Aa1 Sta Aa1 Neg
Bremer Landesbank Aa1 Sta Aa1 Neg
Norddeutsche Landesbank Luxembourg S.A. Aa1 Sta Aa1 Neg
Nord/LB Finance (Curacao) N.V. (P)Aa1 Sta (P)Aa1 Neg
Nord/LB Norddeutsche Securities plc (P)Aa1 Sta (P)Aa1 Neg
Norddeutsche Landesbank GZ (Singapore Br.) (P)Aa1 Sta (P)Aa1 Neg
NORD/LB G-MTN S.A Aa1 Sta Aa1 Neg
Portigon AG Aa1 Sta Aa1 Neg
WestLB Finance Curacao N.V. Aa1 Sta Aa1 Neg
Portigon AG, New York Branch
         
IKB Deutsche Industriebank AG
         
Kreditanstalt fuer Wiederaufbau
KfW IPEX-Bank GmbH
KFW International Finance, Inc.*
         
L-Bank Aaa Sta Aaa Neg
Landwirtschaftliche Rentenbank
LfA Foerderbank Bayern Aaa Sta Aaa Neg
NRW.BANK Aa1 Sta Aa1 Neg
Deutsche Postbank AG
Deutsche Siedlungs- und Landesrentenbank*
         
EAA Covered Bond Bank plc Aa1² Sta Aa1² Neg

 

  Fed/Loc Gov Guaranteed subdebt      
  Former   Rating action July 2012
Bank Name Rating Outlook Rating Outlook
Bayerische Landesbank Aaa Sta Aaa Neg
Bayerische Landesbank, (New York Branch) (P)Aaa Sta (P)Aaa Neg
Bayerische Landesbank, (Paris Branch)
Bayerische Landesbank, (London Branch)
DekaBank Deutsche Girozentrale Aaa Sta Aaa Neg
HSH Nordbank AG Aa1 Sta Aa1 Neg
Landesbank Schleswig-Holstein GZ* Aa1 Sta Aa1 Neg
Hamburgische Landesbank Girozentrale* Aa1 Sta Aa1 Neg
Hamburgische LB Finance (Guernsey) Limited
HSH N Finance (Guernsey) Limited
Landesbank Baden-Wuerttemberg Aaa Sta Aaa Neg
LANDESBANK SACHSEN AG* Aaa Sta Aaa Neg
LRP Landesbank Rheinland-Pfalz* Aaa Sta Aaa Neg
Landesbank Baden-Wuerttemberg, New York Aaa Sta Aaa Neg
LBBW Luxemburg S.A.
Landesgirokasse Stuttgart *
Sachsen LB Europe PLC * (P)Aaa Sta (P)Aaa Neg
Baden-Wuerttemberg L-Finance N.V. (P)Aaa Sta (P)Aaa Neg
Landeskreditbank Baden-Wuerttemberg Aaa Sta Aaa Neg
Landesbank Berlin AG (P)Aa1 Sta (P)Aa1 Neg
Landesbank Berlin, London Branch (P)Aa1 Sta (P)Aa1 Neg
LBB Finance (Ireland) plc Aa1 Sta Aa1 Neg
Landesbank Hessen-Thueringen GZ Aa1 Sta Aa1 Neg
Helaba International Finance PLC
Landesbank Saar
Norddeutsche Landesbank GZ Aa1 Sta Aa1 Neg
Bremer Landesbank Aa1 Sta Aa1 Neg
Norddeutsche Landesbank Luxembourg S.A.        
Nord/LB Finance (Curacao) N.V. (P)Aa1 Sta (P)Aa1 Neg
Nord/LB Norddeutsche Securities plc (P)Aa1 Sta (P)Aa1 Neg
Norddeutsche Landesbank GZ (Singapore Br.)
NORD/LB G-MTN S.A
Portigon AG Aa1 Sta Aa1 Neg
WestLB Finance Curacao N.V. Aa1 Sta Aa1 Neg
Portigon AG, New York Branch Aa1 Sta Aa1 Neg
         
IKB Deutsche Industriebank AG
         
Kreditanstalt fuer Wiederaufbau
KfW IPEX-Bank GmbH
KFW International Finance, Inc.*
         
L-Bank (P)Aaa Sta (P)Aaa Neg
Landwirtschaftliche Rentenbank
LfA Foerderbank Bayern        
NRW.BANK Aa1 Sta Aa1 Neg
Deutsche Postbank AG
Deutsche Siedlungs- und Landesrentenbank*
         
EAA Covered Bond Bank plc

 

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