Guten tag
Non so se è già stato postato...deutsche postbank ,declassato l'ibrido ma sembra che verrà pagata la cedola...ho capito bene ?
Fitch Ratings-London/Frankfurt-19 February 2009: Fitch Ratings has today downgraded Germany-based Deutsche Postbank AG's (DPB) Long-term Issuer Default Rating (IDR) to its Support Rating Floor of 'A-' (A minus) from 'A'. The Outlook is Stable.
The bank's other ratings have been affirmed at Short-term IDR 'F1' and Individual 'C'. The Support Rating and Support Rating Floor were affirmed at '1' and 'A-' (A minus), respectively, reflecting Fitch's expectation of a very strong propensity of support from shareholders and/or official sources in case of need. Fitch has also affirmed DPB's mortgage Pfandbriefe at 'AAA'.
The ratings of the bank's hybrid capital instruments, issued by Postbank Funding Trust I-IV and ProSecure Funding, have been downgraded to 'BBB' from 'A-' (A minus).
Additionally, Fitch has affirmed the unsecured debt issued by the former DSL Bank at 'AA', based on the grandfathered, legally-binding, deficiency guarantee from the Federal Republic of Germany. DPB acquired DSL Bank in 1999 when it was privatised. The 'AA' rating relates to obligations from the period prior to its privatisation.
The downgrade of the Long-term IDR reflects Fitch's opinion that DPB's sizeable structured credit portfolio and elements of its lending exposure (particularly with regards to its EUR16bn domestic and international commercial real estate loan portfolio) in a volatile and deteriorating market environment will continue to burden its profit generation capacity over the short- to medium-term and may put pressure on the bank's modest capitalisation. Although DPB's asset quality has remained solid to date, Fitch expects that it will face an increase in loan impairment charges as the domestic and global economy deteriorates further.
Although DPB's standalone financial condition has weakened, it remains consistent with its current Individual rating. The bank's leading domestic retail banking franchise and good funding and liquidity are offset somewhat by relatively weak capitalisation, exposure to structured credit and potential increase in credit risk. The downgrade of DPB's hybrid capital instruments reflects this weakening of the bank's financial flexibility and hence coupon-servicing capacity. Fitch notes that DPB has publicly announced that it expects to pay on its hybrid instruments.
In Q408 DPB improved its capitalisation through a EUR1bn rights issue, which was almost entirely underwritten by Deutsche Post AG, the bank's current majority shareholder, as well as through a change in the valuation method of part of its available-for-sale (AfS) securities for which no active market is available. Nevertheless, in light of the volatile environment, its regulatory Tier 1 capital ratio, which includes a fairly high share of hybrid capital, is still considered by Fitch as modest at 6.5% (including market risk positions) and provides limited cushion against the effects of continued difficult operating conditions.
Fitch notes that the bank has reduced its volatile capital markets business, although the closure of its equity positions in Q408 resulted in a loss of EUR581m.
On 19 February DPB announced a preliminary loss of EUR821m for FY08. While the bank's core retail business is performing satisfactorily and represents a stable profit contributor, DPB's FY08 results were significantly affected by global financial market disruption, impairments and realised losses related to equity exposures, structured credit and its exposure to Icelandic banks and, noticeably, towards Lehman Brothers group.
As stated in its announcement of 17 October 2008, Fitch is currently revising its liquidity assumptions for covered bonds which might adversely affect any of its covered bond ratings. Fitch will publish shortly its general conclusions in an exposure draft report. Fitch will specify in the report the timeframe for implementing the revised assumptions into its individual ratings, after taking into account any further risk mitigations issuers may adopt during this period.
Contacts: Simone Brehmer, Frankfurt, Tel: + 49 69 7680 76263; Patrick Rioual, +49 69 7680 76123; Holger Horn (Covered Bonds), + 49 69 7680 76190.
Media Relations: Christian Giesen, Frankfurt, Tel: + 49 (0) 69 7680 762 32, Email:
[email protected]; Hannah Warrington, London, Tel: +44 (0) 207 417 6298, Email:
[email protected].
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site,
www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.