Standard&Poor's Ratings Services said today that its ratings and outlook on Bayerische Hypo- und Vereinsbank AG (HVB; A-/Negative/A-2) remain unchanged following the bank's weak fourth-quarter results. The results were in line with Standard&Poor's expectations, which were reflected in the recent downgrade of its counterparty credit ratings on HVB on Dec. 9, 2002. HVB's €1.1 billion fourth-quarter net loss was largely caused by several one-off expenses, whereas operating profit was mildly positive after a loss in the third quarter. However, Standard&Poor's negative outlook on HVB continues to reflect concerns about the bank's ability to reverse its downward earnings trend as the operating environment is expected to remain highly challenging in 2003. Standard&Poor's will
