LONDON -- Standard&Poor's CreditWire 7/22/98 -- Standard&Poor's today assigned its triple-'A' long-term rating to the public sector (Oeffentliche) Pfandbriefe, also sometimes named Deutsche Kommunal-Anleihen, issued by Deutsche Girozentrale - Deutsche Kommunalbank (DGZ). DGZ's triple-'A' Oeffentliche Pfandbriefe rating primarily reflects the Pfandbriefe collateral, coupled with protections afforded by German insolvency and banking laws. DGZ maintains a segregated, revolving pool of high-quality public sector loans on which the Oeffentliche Pfandbriefe have a preferential claim. The amount of collateral is sufficient to absorb potential credit losses and repay interest on and principal of the Pfandbriefe as they become due, even in the unlikely event that the bank is unable to meet its obligations. The rating also reflects the sound
