DEPFA Bank affirmed 'AA-' by Fitch with stable outlook |
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Thu, 15 Mar 2007 16:42
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LONDON (AFX) - Fitch Ratings said it has affirmed Ireland-based DEPFA Bank PLC's ratings at issuer default 'AA-' with stable outlook, short-term 'F1+', individual 'B', and support '3'.Fitch said the ratings reflect DEPFA's consistently strong performance, adding that the bank's sustained profitability relies on processing large volumes of low-margin assets and obtaining cheap funding.The agency said while DEPFA's risks are well managed, the group is exposed to operational risk from the large volume and complex nature of some transactions.The agency has also affirmed DEPFA Deutsche Pfandbriefbank's ratings at issuer default 'AA-' with stable outlook, short-term 'F1+' and support '1'.The ratings of DEPFA's wholly-owned subsidiary, DEPFA ACS Bank, are affirmed at issuer default 'AA-' with stable outlook, short-term 'F1+' and support '1'.newsdesk@afxnews.comsmi/rwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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ACE ratings upgraded by Fitch 