Standard & Poor's raises rating of apoBank

01.08.2005

On Friday, rating agency Standard & Poor's has announced, that the ratings of DZ Bank and several other banks in the German cooperative banking sector will be raised by one notch.

Standard & Poor's said in their rational for the action, that the upgrade is mainly the response to the improvement of the cooperative banks in profitability, asset quality and capitalization.

Standard & Poor's expects that the improvements are sustainable and that the ratings will remain to benefit from the solidarity and the support system within the cooperative sector.

Because of the improved credit rating for the cooperative banking sector, the ratings of Deutsche Apotheker- und Ärztebank were raised from current "A-" to "A" (long-term rating) and from "A-2" to "A-1" (short-term rating). The outlook remains unchanged stable.