We consider Germany-based BHW Bausparkasse AG Hameln (BHW) to be strategically important to its ultimate parent, Deutsche Bank AG, under our group methodology. We are raising our long-term counterparty credit ratings on the bank to 'A-' from 'BBB' to reflect potential extraordinary support from Deutsche Bank. At the same time, we are raising our ratings on BHW's nondeferrable subordinated debt to 'BBB+' from 'BB+'. The outlook is stable, reflecting our assessment that BHW will maintain its strong capital position and stable funding base. FRANKFURT (Standard&Poor's) May 18, 2012--Standard&Poor's Ratings Services said today it had raised its long-term counterparty credit rating on Germany-based BHW Bausparkasse AG Hameln (BHW) to 'A-' from 'BBB'. The outlook is stable. At
