The ratings on Germany-based Bayerische Hypo- und Vereinsbank AG (HVB) are based on its strategically important status within the UniCredito group. The 'AAA' ratings on HVB's Öffentliche Pfandbriefe primarily reflect the quality of Pfandbriefe collateral, coupled with protections afforded by German insolvency and banking laws. HVB's Hypothekenpfandbriefe are not rated by Standard&Poor's Ratings Services. HVB's profile will change substantially through various group-internal transactions. In January 2007, HVB sold its 77.53% stake in Bank Austria Creditanstalt AG (BA; A+/Stable/A-1), its subsidiary in the Ukraine, and (already in 2006) its asset-management business to UniCredito, and its subsidiaries in Russia and the Baltic region to BA. On April 2, 2007, the investment-banking business of Unicredit Banca Mobiliare SpA (UBM) was transferred
