FRANKFURT (Standard&Poor's) April 25, 2003--Standard&Poor's Ratings Services said today it placed its 'A+' long-term and 'A-1' short-term counterparty credit ratings on Germany-based BHW Bausparkasse AG, Hameln (BHW B) on CreditWatch with negative implications. At the same time, the 'BBB' long-term ratings on Allgemeine Hypothekenbank Rheinboden AG (AHBR), a sister company of BHW B and a subsidiary of the group holding company BHW Holding AG (not rated), were also placed on CreditWatch with negative implications. In addition, the short-term counterparty credit rating on AHBR and senior secured Öffentliche Pfandbriefe and Hypothekenpfandbriefe issued by AHBR were affirmed and are not affected by the CreditWatch placement. The CreditWatch placement follows recent publication of full-year 2002 results of the BHW
