Research Update: DekaBank Deutsche Girozentrale Upgraded To 'A+' On Improved Group Resilience Capacity; Outlook Stable

We expect that the German savings bank sector will remain resilient through the uncertain economic environment due to a robust balance sheet, improved earnings capacity, and strengthened institutional protection scheme. We consider DekaBank to be a core subsidiary of the sector and believe that the savings banks would provide support under any circumstances through the Deutscher Sparkassen- und Giroverband (DSGV; the German Savings Banks Association). Consequently, we raised our long-term issuer credit rating on DekaBank to 'A+' from 'A' and affirmed our 'A-1' short-term issuer credit rating. The stable outlook reflects our expectation that the German savings banks sector will maintain a resilient credit profile amid macroeconomic pressures, leading to sound financial performance and strong support capacity for DekaBank. On

...- We expect that the German savings bank sector will remain resilient through the uncertain economic environment due to a robust balance sheet, improved earnings capacity, and strengthened institutional protection scheme. - We consider DekaBank to be a core subsidiary of the sector and believe that the savings banks would provide support under any circumstances through the Deutscher Sparkassen- und Giroverband (DSGV; the German Savings Banks Association). - Consequently, we raised our long-term issuer credit rating on DekaBank to 'A+' from 'A' and affirmed our 'A-1' short-term issuer credit rating. - The stable outlook reflects our expectation that the German savings banks sector will maintain a resilient credit profile amid macroeconomic pressures, leading to sound financial performance and strong support capacity for DekaBank....

Research Update