FRANKFURT (Standard&Poor's) Oct. 2, 2003--Standard&Poor's Ratings Services said today that the spin-off of five subsidiaries of Germany-based Bayerische Hypo- und Vereinsbank AG (HVB; A-/Negative/A-2) will not affect the ratings or outlook on HVB in the short term (see the media release entitled "Four HVB Group Subsidiaries Ratings Off Watch After Spin-Off; Hypo International Assigned 'A-'", published on Oct. 1, 2003, on RatingsDirect, Standard&Poor's Web-based credit analysis system). Despite the legal separation, which became effective on Sept. 29, 2003, HVB will continue to have substantial business ties to its former subsidiaries: -- HVB will provide a limited guarantee of up to €590 million until year-end 2004 to cover potential credit losses of HVB Real Estate
