FRANKFURT (Standard&Poor's) May 28, 2003--Standard&Poor's Ratings Services said today it removed its long- and short-term counterparty credit ratings on Germany-based BHW Bausparkasse AG, Hameln (BHW B) from CreditWatch, where they were placed on April 25, 2003. In addition, Standard&Poor's lowered its long-term counterparty credit ratings on BHW B to 'A' from 'A+', and affirmed its short-term counterparty credit ratings at 'A-1'. The outlook is negative. "The rating actions reflect BHW B's reduced profitability levels, mainly as a result of margin pressure from the persisting low interest rate environment, and the weakened capital base of the BHW group following substantial support provided by BHW Holding AG in favor of Allgemeine Hypothekenbank Rheinboden AG (AHBR)," said
