FRANKFURT (Standard&Poor's) Jan. 21, 2005--Standard&Poor's Ratings Services said today it placed its 'A-' long-term counterparty credit ratings on Bayerische Hypo- und Vereinsbank AG (HVB) and Bank Austria Creditanstalt AG (BA) on CreditWatch with negative implications. The 'A-2' short-term ratings on both banks were affirmed. "The CreditWatch placement reflects concerns about HVB's ability to restore its financial profile within a reasonable timeframe, following HVB's announcement of further loan-loss provisions on real estate loans of €2.5 billion and restructuring charges of €250 million to streamline its German operations, and weaker-than-expected progress in 2004," said Standard&Poor's credit analyst Stefan Best. The CreditWatch placement on BA as a core subsidiary of HVB follows that on its majority owner
