On June 15, 2005, Standard&Poor's Ratings Services said that its 'A-' long-term and 'A-2' short-term counterparty credit ratings on Germany's Bayerische Hypo- und Vereinsbank AG (HVB), Bank Austria Creditanstalt AG (BA), and HVB Banque Luxembourg S.A. (HVB Lux) remain on CreditWatch with positive implications. The ratings were placed on CreditWatch on May 31, 2005. HVB and UniCredito Italiano SpA (AA-/Watch Neg/A-1+) announced on June 13 that it is their intention to proceed with the share-for-share offer. The positive CreditWatch implications on HVB and related subsidiaries indicate that the ratings may be raised by one notch, reflecting HVB's strategically important status within the enlarged group. The negative CreditWatch implications on UniCredito and related subsidiaries reflect that their long-term ratings
