FRANKFURT (Standard&Poor's) Jan. 11, 2005--Standard&Poor's Ratings Services said today it affirmed its 'A' long-term senior unsecured unguaranteed issue rating on Germany-based DekaBank Deutsche Girozentrale (DekaBank). At the same time, it affirmed its 'AA' long-term and 'A-1+' short-term counterparty credit ratings and guaranteed issue ratings on DekaBank; the outlook is negative. "The ratings affirmation follows Standard&Poor's review of measures taken to bail out 'Deka-ImmobilienFonds', a poorly performing real estate mutual fund managed by DekaBank," said Standard&Poor's credit analyst Volker von Kruechten. The 'A' rating on DekaBank's long-term senior unsecured unguaranteed issue rating is based on implicit support from its owners. The rating also reflects DekaBank's sound market position in the mutual funds business
