Fitch lowers Allgemeine Hypothekenbank Rheinboden

Fitch Ratings said it downgraded Allgemeine Hypothekenbank Rheinboden (AHBR) to long-term BBB- from BBB and removed it from Rating Watch Evolving.

A negative outlook has been assigned, Fitch said.

The long-term rating applies to all AHBR's senior unsecured obligations. Furthermore, the agency said it affirmed its short-term rating at F3 and support at 2 and removed them from evolving watch while AHBR's individual rating of E has been placed on Rating Watch positive.

At the same time, the bank's subordinated obligations have been upgraded to BB+ from BB- and removed from Rating Watch negative.

The downgrade reflects what Fitch views as a weakening in potential support from the Association of German Banks, as a result of the change in AHBR's ownership.

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