S&P Lwrs Rtg on WuerttHyp 2001-1 C+ Nts; D+ Nts Afmd.
Business Editors
LONDON--(BUSINESS WIRE)--Standard & Poor's
Dec. 10, 2002--Standard & Poor's Ratings Services said today it lowered its credit rating on the class C+ credit-linked notes issued by Wuerttembergische Hypothekenbank AG (WuerttHyp; BBB+/Negative/A-2) under
The rating on the notes was also removed from CreditWatch, where it had been placed on Oct. 28, 2002.
At the same time, the 'BBB' credit rating on the D+ notes was affirmed.
The rating action on the C+ notes follows the lowering of the long-term counterparty credit and senior unsecured debt ratings on WuerttHyp on Dec. 9, 2002. The rating action does not reflect deterioration in performance of the underlying reference pool.
Payments on the notes issued under the WuerttHyp 2001-1 transaction reference credit-linked notes issued directly by WuerttHyp, and payment depends on the performance of the reference pool.
In addition, WuerttHyp's senior unsecured rating is a supporting rating to the class C+ and D+ notes. Therefore, the rating on the class C+ notes has been lowered to match the long-term credit and senior unsecured debt rating on WuerttHyp.
A copy of the related press release on WuerttHyp, titled "Ratings on Four of Bayerische Hypo- und Vereinsbank's Units Cut to 'BBB+/A-2'; Outlook Negative", dated Dec. 9, 2002, is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com.
ANALYST E-MAIL ADDRESSES
stuart_nelson@standardandpoors.com
michelle_weston@standardandpoors.com
StructuredFinanceEurope@standardandpoors.com
Copyright 2002, Standard & Poor's Ratings Services
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