FRANKFURT (Standard&Poor's) Aug. 21, 2014--Standard&Poor's Ratings Services today corrected its long-term issue ratings on three nondeferrable subordinated bonds issued by Germany-based BHW Bausparkasse AG Hameln (BHW) by lowering them to 'BBB' from 'BBB+'. The international securities identification numbers of the three issues are DE0002456589, DE000A0AP628, and DE0005515787. According to our bank hybrid criteria, nondeferrable subordinated debt should be rated no higher than similar subordinated debt issued by BHW's owner Deutsche Bank AG. Due to an error, we did not lower our ratings on the three debt issues when we lowered the ratings on Deutsche Bank's subordinated debt on July 2, 2013 (see "Deutsche Bank Downgraded To 'A' On Weaker Business Position Assessment; 'A-1' Rating Affirmed; Outlook
