DekaBank intends to buy back €1 billion of its capital from the German Landesbanks, which currently own 50% of DekaBank. We understand DekaBank's other 50% stakeholders, the savings banks, will acquire the remaining stake to achieve full ownership of DekaBank. We are revising our outlook on DekaBank to negative from stable and affirming our 'A/A-1' credit ratings. The negative outlook reflects our view of the risk that DekaBank might not be able to replenish and strengthen its capital base within the next 12-24 months in the event of adverse market conditions or if its owners were to constrain its ability to retain earnings. In our view, the incentive to make timely payment by the guarantors, the Landesbanks, on DekaBank´s grandfathered
