Strong ownership support from ultimate parent Deutsche Bank AG, leading to strategically group status. Relatively robust and granular domestic homeowner financing. Steady inflow of granular retail deposits, benefiting the funding base. Difficult domestic markets and strong competition. Moderate medium-term earnings prospects. High risk related to interest rates and the business model, and a lack of business diversity. Standard&Poor's Ratings Services' outlook on Germany-based BHW Bausparkasse AG Hameln (BHW) is negative, reflecting the outlook on its majority owner, Deutsche Bank AG. In addition, it reflects the possibility that we could revise our assessment of BHW's stand-alone credit profile (SACP) downward because we expect the bank's risk-adjusted capital (RAC) ratio to remain borderline and its earnings only moderate, and because
