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S&P affirms DZ Bank tier 1 debt
S&P affirmed its BBB- issue rating on DZ Bank AG’s additional tier 1 capital instruments.
The affirmation is being given despite a revision to S&P’s notching approach for AT1 instruments in Germany.
The governing body and administrator of the protection schemes is introducing guidelines for tier 1 instruments in 2023.
However, even with the changes, DZ Bank’s tier 1 instruments are solely distributed to cooperative banks and there is reputational risk for nonpayment.
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