Standard & Poor's raises DVB Bank AG's long-term rating to 'A'
DVB Bank AG reports that on Tuesday, 12 December 2006, Standard & Poor´s Ratings Services (S&P) raised its long-term counterparty credit and certificate of deposit ratings on the Bank from ´A-´ to ´A´. S&P also raised the short-term ratings from ‘A-2‘ to ‘A-1‘. The outlook on the ratings is “stable”.
The rating action in respect of DVB was part of a general rating exercise in relation to the German Cooperative banking sector including DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK), the majority shareholder in DVB with a 93.2% interest. The raised ratings for DZ BANK and its core subsidiaries reflect sustainable improvements in profitability, asset quality and capitalisation.
DVB perceives S&P’s conclusions as an acknowledgement of the Bank’s strategic focus on transport finance and its leading position in the global market place. During 2006, DVB’s growth has again found reflection in increased profits. Net profit for the first nine months of 2006 had already outperformed the results for 2005 as a whole, thus paving the way for a record result for the business year 2006.
About DVB Bank AG:
DVB Bank AG, based in Frankfurt/Main, is an international advisory bank and finance house that specialises in the global transport market. DVB offers integrated financing solutions and advisory services in respect of Shipping, Aviation, and Land Transport. The Bank operates out of offices in Frankfurt/Main, Hamburg, London, New York, Rotterdam, Hong Kong, Singapore, Tokyo, Bergen, Piraeus, and Curaçao. DVB Bank AG is listed on the Frankfurt Stock Exchange (ISIN: DE0008045501).