FRANKFURT (Standard&Poor's) Oct. 24, 2002--Standard&Poor's Ratings Services said today it placed its single-'A'/'A-1' ratings on Germany-based Bayerische Hypo- und Vereinsbank AG (HVB) on CreditWatch with negative implications, following weaker-than-expected third-quarter results. At the same time, Standard&Poor's also placed its ratings on HVB's related entities: Bank Austria Creditanstalt AG (BA), Pfandbrief Bank International S.A. (PBI), Westfaelische Hypothekenbank AG (WestHyp), and Wuerttembergische Hypothekenbank AG (WürttHyp) on CreditWatch with negative implications. In addition, the long-term counterparty credit and senior unsecured debt ratings on HVB Real Estate Bank AG (HVB REB) were lowered to single-'A'-minus from single-'A' and the short-term counterparty credit rating was lowered to 'A-2' from 'A-1'. The ratings were also placed on CreditWatch with negative
