On Jan. 11, 2005, Standard&Poor's Ratings Services affirmed its 'A' long-term senior unsecured unguaranteed issue rating on Germany-based DekaBank Deutsche Girozentrale (DekaBank). At the same time, it affirmed its 'AA' long-term and 'A-1+' short-term counterparty credit ratings and guaranteed issue ratings on DekaBank; the outlook is negative. The ratings affirmation follows Standard&Poor's review of measures taken to bail out 'Deka-ImmobilienFonds', a poorly performing real estate mutual fund managed by DekaBank. The 'A' rating on DekaBank's long-term senior unsecured unguaranteed issue rating factors in implicit support from its owners. The rating also reflects DekaBank's sound market position in the mutual funds business that allows it to generate stable fee income; its strong loan portfolio quality; and sound,
