Implicit ownership support and high systemic importance to Germany. Strong market position as central mutual-fund asset manager of the German savings banks sector. Solid fund business income. Adequate capital and liquidity positions. Earnings prospects over 2009-2011 remain modest, but potentially volatile in difficult markets. DekaBank's increased credit and market risk profile in recent years. Rising loan-loss provisions, but these should remain below base-case losses for the German bank industry. Reliance on wholesale funding. Our counterparty credit ratings on Germany-based DekaBank Deutsche Girozentrale (A/Stable/ A-1; DekaBank) incorporate a one-notch uplift for implicit support from DekaBank's owners, the German savings banks and Landesbanks, and our belief that timely and sufficient extraordinary government support would be forthcoming if the bank and its owners
