Rtgs on HypoVereinsbank&Subs Affmd; Otlk Changed to Negative After Bank Austria Announcement

LONDON (Standard&Poor's CreditWire) July 24, 2000--Standard&Poor's today affirmed its ratings on Bayerische Hypo- und Vereinsbank AG (HypoVereinsbank), its five mortgage bank subsidiaries, and Pfandbrief Bank International S.A. At the same time, Standard&Poor's revised the outlook on these entities to negative from stable. The ratings on the banks' Öffentliche Pfandbriefe and Lettres de Gage Publique were affirmed. (See list below for all ratings affected.) The rating action follows today´s announcement of HypoVereinsbank's planned acquisition of Bank Austria (BA), which is subject to regulatory and shareholders´ approval. The ratings affirmation reflects Standard&Poor´s opinion that the planned acquisition is in line with HypoVereinsbank´s strategy of a "European bank of the regions", significantly enlarging HypoVereinsbank´s geographical

...LONDON (Standard & Poor's CreditWire) July 24, 2000--Standard & Poor's today affirmed its ratings on Bayerische Hypo- und Vereinsbank AG (HypoVereinsbank), its five mortgage bank subsidiaries, and Pfandbrief Bank International S.A. At the same time, Standard & Poor's revised the outlook on these entities to negative from stable. The ratings on the banks' +ffentliche Pfandbriefe and Lettres de Gage Publique were affirmed. (See list below for all ratings affected.) The rating action follows today¦s announcement of HypoVereinsbank's planned acquisition of Bank Austria (BA), which is subject to regulatory and shareholders¦ approval. The ratings affirmation reflects Standard & Poor¦s opinion that the planned acquisition is in line with HypoVereinsbank¦s strategy of a "European bank of the regions", significantly enlarging HypoVereinsbank¦s geographical presence and customer base in neighboring countries. The envisaged funding structure in the form of a pure share exchange compares favorably...

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