S&P cuts, pulls Depfa Bank

S&P said it lowered its long-term ratings on Depfa Bank plc and its subsidiary Depfa ACS DAC to BBB- from BBB and withdrew all its ratings at the bank’s request.

The request for withdrawal follows the Bawag Group completing its acquisition of Depfa on Dec. 22.

“We lowered our long-term rating on Depfa Bank because we no longer factor any extraordinary GRE support from the German government following the ownership change,” S&P said in a press release.

The outlook was negative before the withdrawal.

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