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S&P lifts Deutsche Pfandbriefbank debt
Standard & Poor's said it revised its outlook on Deutsche Pfandbriefbank AG to negative from developing.
At the same time, the agency affirmed its BBB/A-2 long- and short-term counterparty credit ratings and its BB issue ratings on the bank's nondeferrable senior subordinated debt.
In addition, S&P raised its issue rating on the bank’s junior subordinated instruments to B+ from D.
S&P said the negative outlook reflects its view that the bank could fail to accumulate a sufficient volume of additional loss-absorbing capacity (ALAC) eligible instruments to qualify for ALAC uplift to the rating over the next four years.
As of July 17, the agency includes no notches of support for ALAC in the long-term rating on Deutsche Pfandbriefbank. However, it includes one notch of uplift because it considers the bank to be in a positive transition that might allow it to increase ALAC above the 5% threshold over a four-year projection period.
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