On July 12, 2004, Standard&Poor's Ratings Services affirmed all its ratings on Germany-based BHW Bausparkasse AG, Hameln (BHW B), including the 'A' long-term and 'A-1' short-term counterparty credit ratings. The outlook is negative. The affirmation follows Standard&Poor's regular review of BHW B and Allgemeine Hypothekenbank Rheinboden AG (AHBR; BBB/Negative/A-3), the two main operating entities of the BHW group and subsidiaries of BHW Holding AG (not rated). (See the related media release entitled "German Bank Allgemeine Hypothekenbank Rheinboden 'BBB/A-3' Ratings Affirmed; Outlook Negative", published today on RatingsDirect, Standard&Poor's Web-based credit analysis system.) The ratings are based on Standard&Poor's expectation of BHW B's continued sound asset quality, stable funding, and sound capitalization in line
