某上市银行评级报告1-23页.doc

Banks Germany Credit Analysis Bayerische Hypo- und Vereinsbank  Ratings Bayerische Hypo- und Vereinsbank Foreign Currency Long-Term A Short-Term F1 Outlook Stable Individual C/D Support 1 Sovereign Risk Foreign Long-Term AAA Bayerische Hypo- und Vereinsbank (Mortgage Pfandbriefe) Foreign Currency Long-Term AAA Bayerische Hypo- und Vereinsbank (Public Sector Pfandbriefe) Foreign Currency Long-Term AAA Financial Data Bayerische Hypo- und Vereinsbank Rating Rationale Assessment ? The ratings for Bayerische Hypo- und Vereinsbank (HVB) are under pressure but substantial improvement in the bank’s risk profile and capitalisation are expected in the next teo-three months. Following massive loan loss provisions and losses, both at operating and bottom line levels in 2002 (capital gains were not sufficient to report positive net income). Early in 2003 HVB announced an ambitious turn-around programme to restore the bank’s profitability, reduce its credit risk and address its insufficient capitalisation. In Fitch’s view it is on schedule to meet these targets, and, therefore, the Outlook is Stable. However, slipping behind could yet result in a downgrade. ? The ratings are based on HVB’s position as a focused, universal banking group with a good franchise in Germany, Austria and Central and Eastern Europe (CEE). ? Management is concentrating on improving the Tier 1 ratio by reducing risk-weighted assets, on increasing efficiency within the group by further staff cuts, realising synergies and selling non-core subsidiaries, and on strengthening the bank’s earnings and risk profile by stricter risk-adjusted pricing, reduction of concentration risk and active portfolio management. ? In October 2003, most of HVB’s commercial real estate operations, including its mortgage bank subsidiaries, will be spun off and regrouped under a newly created hol