Standard & Poor's assignes the best rating score AAA to apoBank's initial Pfandbrief cover pool

30.04.2008

According to a Standard & Poor's press release published today, apoBank's initial cover pool for the issuance of mortgage Pfandbriefe is rated at the best rating score AAA.

The cover pool currently comprises a volume of approx. EUR 1.8 bn and will be extended in the following years. The basis of the cover pool is the continuously increasing loan portfolio of residential mortgage loans to private clients with high creditworthiness.

The excellent credit rating reflects among other things the good quality and high granularity of the cover pool and incorporates the high credit approval standards including the regulatory audited and approved risk measurement system apoRate.

apoBank reached another important step in realizing its refinancing strategy by receiving the regulatory approval for issuing Pfandbriefe in December 2007. The already well diversified refinancing structure (high volume of client deposits and certificated liabilities) will further benefit by the issuance of mortgage Pfandbriefe. The broaden product range provides more flexibility for refinancing and the oppurtunity to use refinancing advantages in the capital market.

Depending on market conditions apoBank plans to issue its first mortgage Pfandbrief under its "debt issuance program", which was expanded in 2007, in the first half of 2008. In the future apoBank plans to act as a regular issuer of mortgage Pfandbriefe in the capital market.

Please see for further information concerning apoBank's Pfandbrief business as well as the detailed presale report of Standard & Poor's under www.apobank.de/ir_en