S&P's Allgemeine Hypothekenbank ratings unaffected

Standard & Poor's said ratings on Allgemeine Hypothekenbank Rheinboden AG (BB+/negative/B) are not affected by the bank's announcement on April 27 that, following a net loss of €1.08 billion in 2005, it HBR will likely report an after-tax loss in the mid-triple-digit millions for 2006 and probably no profit in 2007. The agency said this ongoing poor financial performance is in line with its expectation of a difficult restructuring process.

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