Ownership support from ultimate owner Deutsche Bank. Relatively robust domestic granular homeowner financings. Steady inflow of granular retail deposits. Difficult domestic markets with high competition. Moderate medium-term earnings prospects. High interest rate and related model risk, and a lack of business diversification. The ratings on Germany-based BHW Bausparkasse AG Hameln (BHW B) are based on its strategic importance to, and majority ownership by, Deutsche Bank AG (A+/Stable/A-1) through its 100% owner Deutsche Postbank (A/Stable/A-1). The ratings on BHW B factor in three notches of uplift above the bank's stand-alone credit profile (SACP) for potential extraordinary support from Deutsche Bank. This reflects Standard&Poor's Ratings Services' view, under its group methodology, that BHW B is a strategically important subsidiary for
