Ownership support from ultimate owner Deutsche Bank AG. Relatively robust and granular domestic homeowner financing. Steady inflow of granular retail deposits. 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 building savings bank BHW Bausparkasse AG Hameln (BHW) is stable, reflecting our expectation that BHW will maintain its strong capital position and stable funding base. We could raise the ratings if BHW's stand-alone credit profile (SACP) strengthened or if its importance to its ultimate owner, Deutsche Bank AG (A+/Negative/A-1), increased further. We could lower the ratings if the SACP were to weaken, which is not
