On Oct. 24, 2002, following weaker-than-expected third-quarter results, Standard&Poor's Ratings Services placed its single-'A'/'A-1' ratings on Germany-based Bayerische Hypo- und Vereinsbank AG (HVB) on CreditWatch with negative implications. At the same Standard&Poor's also its placed its ratings on HVB's related entities: Bank Austria Creditanstalt AG (BA), Pfandbrief Bank International S.A. (PBI), Westfaelische Hypothekenbank AG (WestHyp), and Wuerttembergische Hypothekenbank AG (WürttHyp) on CreditWatch with negative implications. In addition, the long-term counterparty credit and senior unsecured debt ratings on HVB Real Estate Bank AG (HVB REB) were lowered to single-'A'-minus from single-'A' and the short-term counterparty credit rating was lowered to 'A-2' from 'A-1'. The ratings were also placed on CreditWatch with negative implications. The triple-'A' ratings on
