Moody's raises apoBank's rating by one notch

14.05.2007

Moody's has announced a rating upgrade for apoBank on Friday after close of the exchange.

apoBank's long-term rating has been upgraded from "A2" to now "A1". The outlook was affirmed with "stable". apoBank's individual financial strength rating (BFSR) remains with "C+" at an unchanged high level.

The rating action follows changes in Moody's rating process after which introduction all bank ratings worldwide were reviewed. New in the rating process are especially the so called Joint Default Analysis (JDA) and a revised methodology for the bank financial strength ratings.

Therewith also apoBank's long-term rating was determined for the first time under JDA which separately considers possible external support mechanism. As a result, Moody's upgraded apoBank's long-term rating to "A1" reflecting our good individual financial strength and our membership in the co-operative Finanzverbund.

With the upgrade of our Moody's rating to A1/P-1/C+, the rating is now on the same rating level as the one from Standard & Poor's.

The ratings of both agencies reflect our stable financial fundamentals, our sound risk profile as well as our good business position. Furthermore the agencies recognize the Bank's participation in the security systems of the German co-operative banking sector.