London -- Standard&Poor's CreditWire 10/6/98 – Standard&Poor's today assigned its double-'A'-minus long-term and 'A-1'-plus short-term counterparty credit ratings to BHW Bausparkasse AG. The outlook is stable. The ratings reflect the bank's strong asset quality and excellent credit loss track record, stable and relatively cheap deposit base, strong capitalization, and the strategic importance for and integration within the BHW financial group. The ratings also reflect, however, the low, although improving, profitability levels and high cost-to-income ratios, which compare unfavourably with international comparison. The ratings also demonstrate the business limitations imposed by the Buildings Savings Bank Act (Bausparkassengesetz), and the fact that the business prospects for BHW Bausparkasse, to a certain degree, depend on the level of various
