The ratings on Germany-based BHW Bausparkasse AG Hameln (BHW B) are based on its strategic importance to, and majority ownership by, Deutsche Bank AG (A+/Stable/A-1) through its 100% owner Deutsche Postbank (A/Stable/A-1). The ratings on BHW B factor in three notches of uplift above the bank's stand-alone credit profile (SACP) for potential extraordinary support from Deutsche Bank. This reflects Standard&Poor's Ratings Services' view, under its group methodology, that BHW B is a strategically important subsidiary for Deutsche Bank. The ratings also reflect BHW B's granular and highly collateralized domestic retail-lending portfolio, the absence of house price inflation in Germany, and a more robust domestic market resilience against the harsh 2009 recession than we had initially expected. In our
