The likelihood that we will lower our stand-alone credit profile on Germany-based building savings bank BHW Bausparkasse AG Hameln (BHW) has increased because of our expectation that the bank's risk-adjusted capital ratio is set to remain borderline, and our view of a negative economic risk trend in Germany. We are therefore revising our outlook on BHW to negative from stable and affirming our 'A-/A-2' ratings. The negative outlook reflects the risk that we could lower the long-term ratings if our risk-adjusted capital ratio was to fall below the 10% threshold that we usually view as a minimum for a strong capital assessment. FRANKFURT (Standard&Poor's) May 16, 2013--Standard&Poor's Ratings Services said today it revised the outlook on
