Standard&Poor's revised its outlook on Germany-based BHW Bausparkasse AG to negative from stable on June 20, 2002. The rating action reflects concerns about the indirect implications for BHW Bausparkasse of its parent's (BHW Holding AG; not rated) 39.65% stake in Allgemeine Hypothekenbank Rheinboden AG (AHBR; BBB/Negative/A-3; see related press release titled "AHBR Removed From Watch; Ratings Lowered; Outlook Negative; Pfandbriefe Ratings Affirmed", published earlier today on RatingsDirect). At the same time, the single-'A'-plus/'A-1' counterparty credit and single-'A'-plus senior unsecured debt ratings on BHW Bausparkasse were affirmed. The ratings on BHW Bausparkasse continue to reflect the bank's excellent asset quality and credit-loss record, and its strong liquidity and funding position due to its stable and relatively cheap Bauspar deposit
