Ownership support from ultimate parent Deutsche Bank AG. Relatively robust and granular domestic homeowner financing. Steady inflow of granular retail deposits benefitting its funding base. Difficult domestic markets with strong competition. Moderate medium-term earnings prospects. High risk related to interest rates and the business model, and a lack of business diversity. Standard&Poor's Ratings Services' outlook on Germany-based (BHW) is negative, reflecting the increased likelihood that we will revise our assessment of BHW's stand-alone credit profile (SACP) downward because we expect the bank's risk-adjusted capital (RAC) ratio to remain borderline, its earnings only moderate, and because of our view of a negative economic risk trend in Germany. We could lower the long-term rating if our risk-adjusted capital ratio fell
