The unguaranteed counterparty ratings on Germany-based DekaBank Deutsche Girozentrale 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 DekaBank as an integral part of the German savings banks sector due to its role as their central mutual-fund asset manager. DekaBank's strong albeit weakened market position in the German investment-funds business allows it to generate stable commission income. Asset quality in its wholesale banking activities, which mainly focuses on lower risk but low margin lending, has remained sound. The rating does not include implicit state support as DekaBank's ties to the public sector are less pronounced. The ratings also reflect the deterioration
