S&P cuts Allgemeine HypothekenBank Rheinboden

Standard & Poor's said it lowered its long-term counterparty credit rating on Allgemeine HypothekenBank Rheinboden AG to BB from BB+, following the review of the new business model the bank has recently started to implement.

At the same time, the B short-term rating was affirmed, the agency said.

The outlook remains negative.

"The rating action reflects Standard & Poor's expectation that the adoption of the new business model will require an extended length of time, during which Allgemeine HypothekenBank Rheinboden's earnings prospects are likely to remain dim," said S&P credit analyst Volker von Kruechten.

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