Implicit support from owners as the central mutual-fund asset manager for the German savings banks sector; Weakened but still strong market position in the German mutual funds business; Sound quality of loan portfolio; and Stable commission income generation from the asset management business. Adverse effects on financial and risk profile from measures taken to stabilize a property fund; Performance problems at flagship property and equity funds with ongoing outflows; Modest franchise and profitability of its wholesale banking business; and Reliance on wholesale funding. The unguaranteed counterparty ratings on DekaBank Deutsche Girozentrale (DekaBank) continue to be based on the expectation of ongoing implicit support from its owners, savings banks and Landesbanks--DekaBank is 50% owned by each group--as Standard&Poor's regards
