Fitch's Allgemeine Hypothekenbank ratings unaffected.

Fitch Ratings said Allgemeine Hypothekenbank Rheinboden's announcement on the planned restructuring of the bank is in line with the agency's expectations and will not affect the bank's ratings, including the BBB- long-term debt rating, F3 short-term debt rating, 2 support rating, E individual rating, AAA public-sector Pfandbriefe, AA+ mortgage Pfandbriefe, BB+ subordinated obligations and CC profit participation rights.

The outlook is positive. The E individual rating is on positive watch, and the profit participation rights are on negative watch.

Under its new owner, Lone Star Funds, the bank plans to reposition itself as a mortgage bank with a focus on German commercial real estate lending, Fitch said. Accordingly, the bank intends to exit public sector and retail lending during 2006 and is considering the sale of its international commercial lending.

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