Strong support from intermediate parent Deutsche Postbank AG, leading to strategic 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. Elevated risk related to interest rates inherent to business model, and a lack of business diversity. Standard&Poor's Ratings Services' stable outlook on Germany-based BHW Bausparkasse AG Hameln (BHW) reflects our assessment of the creditworthiness of BHW's immediate parent Deutsche Postbank (Postbank) as stable, and the continued integration of BHW into Postbank. In particular, we do not envisage major strategic changes at Postbank or BHW at this stage. The stable outlook on BHW also reflects the stable outlook on
