Ratings Affirmed At #AAA# On Apobank#s German Mortgage Covered Bonds Following Outlook Stable

Stocks and Financial Services Press Releases Thursday June 28, 2018 11:46
MADRID--29 Jun--S&P Global Ratings

MADRID (S&P Global Ratings) June 28, 2018--S&P Global Ratings today affirmed its 'AAA' credit ratings on Deutsche Apotheker-und Aerztebank eG's (Apobank; AA-/Stable/A-1+) German mortgage covered bonds (Hypothekenpfandbriefe). The outlook on our ratings is stable.

We have conducted a credit and cash flow analysis based on our European residential loans criteria (applying the specific stresses defined for Germany), our criteria for analyzing European commercial real estate collateral in covered bonds, and our covered bonds criteria (see "Related Criteria").

Based on our credit and cash flow results of the latest data received, we consider that the overcollateralization available to support apoBank's mortgage covered bond program is commensurate with our 'AAA' ratings.

There are no rating constraints related to counterparty, legal, or administrative and operational risks.

The stable outlook on our ratings reflects the cushion of five unused notches of collateral-based support--that would protect the ratings on the covered bonds if we were to lower the long-term issuer credit rating (ICR) on Apobank.

POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES
Our ratings are based on our applicable criteria, including our "Covered Bonds Criteria," published on Dec. 9, 2014.

However, the resolution regime analysis section of these criteria is under review (see "Methodology For Assigning Financial Institution Resolution Counterparty Ratings," published on April 19, 2018 and "Request For Comment: Methodology For Incorporating The Effect Of Resolution Regimes Into Covered Bond Ratings," published on Jan. 31, 2017).

As a result of this review, we may amend certain paragraphs of our covered bonds criteria. This change may affect the ratings on the outstanding covered bonds issued under this covered bond program. Until this time, we will continue to rate and surveil these covered bonds using our existing criteria (see "Related Criteria").


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