EANS-News: DVB Bank SE discontinues rating contracts with Moody's Investors
Service
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Company Information
Frankfurt am Main (euro adhoc) - In June 2012 Moody's Investors Service
(Moody's) took various rating actions on German banks and their subsidiaries.
DVB received a significant rating downgrade of up to three notches in various
rating categories (long-term rating Baa1/stable outlook), while Standard and
Poor's (S&P) upgraded DVB's long-term counterparty credit rating by one notch to
A+/stable outlook in December 2011 and the ratings by FitchRatings (Fitch)
allocated within the scope of the German Co-operative Financial Services Network
remained unchanged at A+/stable outlook. Thus, the S&P and Fitch ratings are
currently three notches above the Moody's rating.
After discussing this material discrepancy with investors and business partners,
the Board of Managing Directors decided to terminate all contracts with Moody's
within the given timeframe. The Bank assumes that Moody's will withdraw all
ratings on DVB promptly.
Wolfgang F. Driese, CEO and Chairman of the Board of Managing Directors,
commented on this decision:
"Firstly, we discontinue the rating contracts with Moody's as the ratings
assigned by the agency don't reflect DVB's strong performance in the
international transport finance business anymore:
- we have shown record results amidst the world economic crisis years;
- we have successfully steered the bank through four years of shipping downturn;
- we have proven and reliable access to the liquidity of the German Co-operative
Financial Services Network.
Secondly, the gap of three rating notches between the S&P and Fitch ratings (A+
level) and the current Moody's rating (Baa1 level) is hard to justify and
difficult to understand for all participants in the financial and in the
transportation markets. This might cause misconceptions about DVB which we need
to avert.
Thirdly, S&P and Fitch are globally reputable agencies, offering independent
credit ratings to our equity and debt investors. In the end, we came to the
conclusion that a third rating is quite dispensable."
Contact for this press release:
Elisabeth Winter, Manager Investor Relations: +49 69 9750 4329 -
elisabeth.winter@dvbbank.com
Note to Editors:
DVB Bank SE, headquartered in Frankfurt/Main, Germany, is the leading specialist
in the international transport finance business. The Bank offers integrated
financing solutions and advisory services in respect of Shipping Finance,
Aviation Finance, and Land Transport Finance. The Bank operates out of offices
in Frankfurt/Main, Hamburg, London, Rotterdam, Bergen, Oslo, Piraeus, Zurich,
Singapore, Tokyo, New York and Curaçao. DVB Bank SE is listed at the Frankfurt
Stock Exchange (ISIN: DE0008045501). www.dvbbank.com
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Further inquiry note:
Elisabeth Winter
Investor Relations
Tel: +49 (0)69-97504-329
E-Mail: elisabeth.winter@dvbbank.com
end of announcement euro adhoc
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company: DVB Bank SE
Platz der Republik 6
D-60325 Frankfurt am Main
phone: +49 (0)69 9750-40
FAX: +49 (0)69 9750-4444
mail: info@dvbbank.com
WWW: http://www.dvbbank.com
sector: Banking
ISIN: DE0008045501
indexes:
stockmarkets: free trade: Düsseldorf, Stuttgart, regulated dealing/general
standard: Frankfurt
language: English