Standard & Poor's raises apoBank's rating by one notch

12.12.2006

Rating agency Standard & Poor's has raised the ratings on rated members of the German cooperative banking sector - and therewith also the rating of apoBank - by one notch. Outlook on all ratings is "stable".

Therewith the current rating of apoBank is "A+ / stable / A-1".

After the rating outlook has been already upgraded from "stable" to "positive" in August 2006, the current rating action reflects the continued improvements in the asset quality of the sector and the further progress in DZ Bank's profitability.

With regard to apoBank's sound financial fundamentals, the bank also contributes to the positive rating of the cooperative banking sector.

apoBank is rated since 1999 by Standard & Poor's. The current "A+" rating is the highest rating which was given to apoBank and is one notch above our current Moody's rating.