S&P affirms Allgemeine Hypothekenbank Rheinboden, off watch

Standard & Poor's said it removed its counterparty credit ratings on Allgemeine Hypothekenbank Rheinboden AG (AHBR) from CreditWatch, where they were first placed on Oct. 25.

In addition, S&P said it affirmed its BB+/B counterparty credit and senior unsecured ratings on AHBR and raised the ratings on subordinated debt issued by AHBR to BB- from B.

The outlook is negative.

At the same time, the AAA ratings on senior secured Öffentliche Pfandbriefe and Hypothekenpfandbriefe issued by AHBR were affirmed.

The rating actions are based on S&P's expectation that, following completion of the transaction, AHBR will be able to materially strengthen its reserve coverage for credit and market risks while obtaining strengthened capital levels.

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