DekaBank Deutsche Girozentrale's German Public-Sector Covered Bonds Affirmed At 'AAA'; Outlook Stable

OVERVIEW As part of our ongoing surveillance, we have reviewed our ratings on DekaBank's public-sector covered bond program and related issuances. In our view, the available credit enhancement is commensurate with the ratings on the outstanding covered bonds. We have therefore affirmed our 'AAA' ratings on the program and related issuances. The stable outlook on the ratings reflects that there are four unused notches of uplift from the long-term issuer credit rating on DekaBank. LONDON (S&P Global Ratings) March 10, 2017--S&P Global Ratings today affirmed its 'AAA' ratings on the public-sector covered bonds issued by DekaBank Deutsche Girozentrale (A+/Stable/A-1). We have conducted our credit and cash flow analysis for the latest data received from the issuer by applying our European

...OVERVIEW + As part of our ongoing surveillance, we have reviewed our ratings on DekaBank's public-sector covered bond program and related issuances. + In our view, the available credit enhancement is commensurate with the ratings on the outstanding covered bonds. + We have therefore affirmed our '###' ratings on the program and related issuances. + The stable outlook on the ratings reflects that there are four unused notches of uplift from the long-term issuer credit rating on DekaBank. LONDON (S&P Global Ratings) March 10, 2017--S&P Global Ratings today affirmed its '###' ratings on the public-sector covered bonds issued by DekaBank Deutsche Girozentrale (A+/Stable/A-1). We have conducted our credit and cash flow analysis for the latest data received from the issuer by applying our European public sector criteria and our covered bonds criteria (see "Methodology And Assumptions For Assessing Portfolios Of International Public Sector And Other Debt Obligations Backing Covered Bonds And Structured...

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