The ratings on Germany-based Bayerische Hypo- und Vereinsbank AG (HVB) are based on its core status within the UniCredit group (parent company UniCredit SpA rated A+/Negative/A-1). The 'AAA' ratings on HVB's Oeffentliche Pfandbriefe (public-sector covered bonds) primarily reflect the quality of the collateral, coupled with protections afforded by German insolvency and banking laws. Standard&Poor's Ratings Services does not rate HVB's Hypothekenpfandbriefe (mortgage-covered bonds). HVB's core status, which raises its stand-alone creditworthiness by three notches, reflects the bank's 100% ownership by UniCredit, the progress of its integration into the group, and its role as the group's center of competence for its capital markets business and Germany-based operations. Since HVB sold Bank Austria Creditanstalt AG (renamed UniCredit Bank Austria AG;
