FRANKFURT (Standard&Poor's) Feb. 21, 2002--Standard&Poor's said today it lowered its long-term counterparty credit and senior unsecured debt ratings on Germany-based Bayerische Hypo- und Vereinsbank AG (HVB) to single-'A' from single-'A'-plus due to Standard&Poor's belief that increasingly difficult industry and economic conditions will prevent HVB from achieving improved profitability levels in 2002, which was a precondition to avoid a downgrade. At the same time, Standard&Poor's lowered its long-term counterparty credit and senior unsecured debt ratings on HVB subsidiaries, Bank Austria AG and HVB Real Estate Bank AG to single-'A' from single-'A'-plus. Standard&Poor's also lowered its long-term counterparty credit and senior unsecured debt ratings on Westfälische Hypothekenbank AG (WestHyp), Württembergische Hypothekenbank AG
