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 NameRatingOutlookRatingOutlook
Bayerische Landesbank(P)AaaSta(P)AaaNeg
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 AGAaaStaAaaNeg
     
Kreditanstalt fuer WiederaufbauAaaStaAaaNeg
KfW IPEX-Bank GmbHAa31StaAa31Neg
KFW International Finance, Inc.*AaaStaAaaNeg
     
L-Bank
Landwirtschaftliche RentenbankAaaStaAaaNeg
LfA Foerderbank Bayern
NRW.BANK
Deutsche Postbank AG
Deutsche Siedlungs- und Landesrentenbank*AaaStaAaaNeg
     
EAA Covered Bond Bank plc

 

 Fed./Loc. Government guaranteed debt   
 Former Rating action July 2012
Bank NameRatingOutlookRatingOutlook
Bayerische LandesbankAaaStaAaaNeg
Bayerische Landesbank, (New York Branch)AaaStaAaaNeg
Bayerische Landesbank, (Paris Branch)AaaStaAaaNeg
Bayerische Landesbank, (London Branch)AaaStaAaaNeg
DekaBank Deutsche GirozentraleAaaStaAaaNeg
HSH Nordbank AGAa1StaAa1Neg
Landesbank Schleswig-Holstein GZ*Aa1StaAa1Neg
Hamburgische Landesbank Girozentrale*Aa1StaAa1Neg
Hamburgische LB Finance (Guernsey) LimitedAa1StaAa1Neg
HSH N Finance (Guernsey) LimitedAa1StaAa1Neg
Landesbank Baden-WuerttembergAaaStaAaaNeg
LANDESBANK SACHSEN AG*AaaStaAaaNeg
LRP Landesbank Rheinland-Pfalz*AaaStaAaaNeg
Landesbank Baden-Wuerttemberg, New York(P)AaaSta(P)AaaNeg
LBBW Luxemburg S.A.AaaStaAaaNeg
Landesgirokasse Stuttgart *(P)AaaSta(P)AaaNeg
Sachsen LB Europe PLC *AaaStaAaaNeg
Baden-Wuerttemberg L-Finance N.V.(P)AaaSta(P)AaaNeg
Landeskreditbank Baden-Wuerttemberg
Landesbank Berlin AGAa1StaAa1Neg
Landesbank Berlin, London BranchAa1StaAa1Neg
LBB Finance (Ireland) plcAa1StaAa1Neg
Landesbank Hessen-Thueringen GZAa1StaAa1Neg
Helaba International Finance PLCAa1StaAa1Neg
Landesbank SaarAa1StaAa1Neg
Norddeutsche Landesbank GZAa1StaAa1Neg
Bremer LandesbankAa1StaAa1Neg
Norddeutsche Landesbank Luxembourg S.A.Aa1StaAa1Neg
Nord/LB Finance (Curacao) N.V.(P)Aa1Sta(P)Aa1Neg
Nord/LB Norddeutsche Securities plc(P)Aa1Sta(P)Aa1Neg
Norddeutsche Landesbank GZ (Singapore Br.)(P)Aa1Sta(P)Aa1Neg
NORD/LB G-MTN S.AAa1StaAa1Neg
Portigon AGAa1StaAa1Neg
WestLB Finance Curacao N.V.Aa1StaAa1Neg
Portigon AG, New York Branch
     
IKB Deutsche Industriebank AG
     
Kreditanstalt fuer Wiederaufbau
KfW IPEX-Bank GmbH
KFW International Finance, Inc.*
     
L-BankAaaStaAaaNeg
Landwirtschaftliche Rentenbank
LfA Foerderbank BayernAaaStaAaaNeg
NRW.BANKAa1StaAa1Neg
Deutsche Postbank AG
Deutsche Siedlungs- und Landesrentenbank*
     
EAA Covered Bond Bank plcAa1²StaAa1²Neg

 

 Fed/Loc Gov Guaranteed subdebt   
 Former Rating action July 2012
Bank NameRatingOutlookRatingOutlook
Bayerische LandesbankAaaStaAaaNeg
Bayerische Landesbank, (New York Branch)(P)AaaSta(P)AaaNeg
Bayerische Landesbank, (Paris Branch)
Bayerische Landesbank, (London Branch)
DekaBank Deutsche GirozentraleAaaStaAaaNeg
HSH Nordbank AGAa1StaAa1Neg
Landesbank Schleswig-Holstein GZ*Aa1StaAa1Neg
Hamburgische Landesbank Girozentrale*Aa1StaAa1Neg
Hamburgische LB Finance (Guernsey) Limited
HSH N Finance (Guernsey) Limited
Landesbank Baden-WuerttembergAaaStaAaaNeg
LANDESBANK SACHSEN AG*AaaStaAaaNeg
LRP Landesbank Rheinland-Pfalz*AaaStaAaaNeg
Landesbank Baden-Wuerttemberg, New YorkAaaStaAaaNeg
LBBW Luxemburg S.A.
Landesgirokasse Stuttgart *
Sachsen LB Europe PLC *(P)AaaSta(P)AaaNeg
Baden-Wuerttemberg L-Finance N.V.(P)AaaSta(P)AaaNeg
Landeskreditbank Baden-WuerttembergAaaStaAaaNeg
Landesbank Berlin AG(P)Aa1Sta(P)Aa1Neg
Landesbank Berlin, London Branch(P)Aa1Sta(P)Aa1Neg
LBB Finance (Ireland) plcAa1StaAa1Neg
Landesbank Hessen-Thueringen GZAa1StaAa1Neg
Helaba International Finance PLC
Landesbank Saar
Norddeutsche Landesbank GZAa1StaAa1Neg
Bremer LandesbankAa1StaAa1Neg
Norddeutsche Landesbank Luxembourg S.A.    
Nord/LB Finance (Curacao) N.V.(P)Aa1Sta(P)Aa1Neg
Nord/LB Norddeutsche Securities plc(P)Aa1Sta(P)Aa1Neg
Norddeutsche Landesbank GZ (Singapore Br.)
NORD/LB G-MTN S.A
Portigon AGAa1StaAa1Neg
WestLB Finance Curacao N.V.Aa1StaAa1Neg
Portigon AG, New York BranchAa1StaAa1Neg
     
IKB Deutsche Industriebank AG
     
Kreditanstalt fuer Wiederaufbau
KfW IPEX-Bank GmbH
KFW International Finance, Inc.*
     
L-Bank(P)AaaSta(P)AaaNeg
Landwirtschaftliche Rentenbank
LfA Foerderbank Bayern    
NRW.BANKAa1StaAa1Neg
Deutsche Postbank AG
Deutsche Siedlungs- und Landesrentenbank*
     
EAA Covered Bond Bank plc

 

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