HSH Nordbank receives an A1 rating from Moody's for non-guaranteed long-term liabilities
- Favorable refinancing option continues after abolition of government guarantees
HSH Nordbank receives an A1 rating from Moody's for non-guaranteed long-term liabilities , April 26, 2005 - Today, Moody’s rating agency published an A1 rating for HSH Nordbank AG’s non-guaranteed long-term liabilities. This rating evaluates liabilities without government guarantees (maintenance and guaranty obligation). Moody’s rating for HSH Nordbank’s guaranteed liabilities remains unchanged.
“The rating means that HSH Nordbank will have competitive funding terms at its disposal even after abolition of the state guarantees on July 19, 2005”, said Alexander Stuhlmann, Chairman of the Management Board of HSH Nordbank “The Financial Strength Rating of C that was published at the same time furthermore reflects the fact that we prepared for the end of the maintenance and guaranty obligation systematically and in good time, and have embarked on the right course to enable us to compete successfully using our own resources.”
With its forward-looking strategy, HSH Nordbank has positioned itself as a successful commercial bank in Northern Europe aiming to achieve an attractive level of profitability and adequate capitalization by international standards even after abolition of the government guarantees.
The rating agencies S&P and Fitch already published the ratings for non-guaranteed long-term liabilities in July 2004, each having given HSH Nordbank an A rating. All three rating agencies have this come to a virtually identical positive credit rating for HSH Nordbank.
For further information on the topic of rating see www.hsh-nordbank.de/Investor Relations/Ratings.
HSH Nordbank was created on June 2, 2003 by the merger of Hamburgische Landesbank and Landesbank Schleswig-Holstein (LB Kiel). With total assets of some 170 billion Euro and a staff of around 4,500 worldwide, it is one of Northern Europe's leading banks. HSH Nordbank is a strong regional clients' bank and an international finance expert, and possesses considerable practical knowledge of the world's financial markets. For additional information, please visit the Company’s Web site at www.hsh-nordbank.com
The information contained in this press release does not constitute an offer for the sale of any type of HSH Nordbank AG securities. Securities of HSH Nordbank AG may not be sold in the United States without registration pursuant to US securities legislation, unless such a sale takes place on the basis of relevant exceptional provisions.
This press information can contain forward-looking statements. These statements are based on our beliefs and assumptions, on information currently available to us which we consider reliable. Forward-looking statements include all statements which are not historical facts, including information concerning future growth prospects and future economic developments.
Such forward-looking statements are based on assumptions relating to future events and are subject to uncertainties, risks and other factors, a large number we cannot influence. Thus actual events can differ considerably from the forward-looking statements made. We make no warranty for the correctness or completeness of these statements or the actual occurrence of the statements made. Furthermore, we assume no obligation for updating the forward-looking statements after this information has been published.
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