Implicit support from owners as the central mutual-fund asset manager for the German savings banks sector; Weakened but still strong market position in the German mutual funds business; Sound quality of loan portfolio; and Stable commission income generation from the asset management business. Adverse effects on financial and risk profile from measures taken to stabilize a property fund; Performance problems at flagship property and equity funds with ongoing outflows; Modest franchise and profitability of its wholesale banking business; and Reliance on wholesale funding. The unguaranteed counterparty ratings on Germany-based DekaBank Deutsche Girozentrale continue to be based on the expectation of ongoing implicit support from its owners, savings banks and Landesbanks--DekaBank is 50% owned by each group--as Standard&Poor's regards
