On Oct. 25, 2005, Standard&Poor's Ratings Services placed its 'A-' long-term counterparty credit rating on BHW Bausparkasse AG, Hameln (BHW B), Germany's second-largest private building savings bank (Bausparkasse), on CreditWatch with negative implications. At the same time, the 'A-2' short-term counterparty credit rating was affirmed. BHW B is the principal subsidiary of BHW Holding AG (not rated), the parent of the BHW group. The CreditWatch placement follows today's announcement by Deutsche Postbank AG (Postbank; A/Watch Neg/A-1) to acquire BHW Holding effective January 2006. Postbank is a core subsidiary of postal service provider Deutsche Post AG (DP; A/Watch Neg/A-1). The ratings on both Postbank and DP were placed on CreditWatch with negative implications on Sept. 1, 2005, when, in
