DEPFADeutsche Pfandbriefanstalt (German bonds Institution)
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BCAs) of DEPFA and its rated subsidiaries to b2 from caa2.
1) Bank was formed in 2002 as part of a reorganization of the DEPFA Group.
Furthermore, DEPFA ACS BANK's long-term deposit ratings were affirmed at
consent solicitation by DEPFA Bank plc (DEPFA: Baa3 deposits, stable;
DEPFA, which has already begun moving its New York headquarters from 570 Lexington Avenue into its new facilities, is a leading provider of global financial service to public sector clients worldwide.
DEPFA currently provides liquidity support in the form of a standby bond purchase agreement (SBPA) for the bonds.
Global law firm White & Case LLP has advised Deutsche Bank, as dealer manager, on FMS Wertmanagement's tender offer for DEPFA bonds.
The rating actions have been prompted by Fitch's revision of the long-term issuer default rating (IDR) of DEPFA Bank plc, the debentures' guarantor, to BBB+ with a "negative" outlook from A- with a "positive" outlook, the analysts explained.
Country: IrelandSector: Banking/Financial ServicesTarget: DEPFA Bank PlcBuyer: Unnamed consortium of hedge funds, Lone Star Funds, Unnamed private equity firms, Apollo, JC Flowers & Co LLC Vendor: Hypo Real Estate Holding AG Type: Divestment, PrivatisationStatus: Speculation, AuctionBuyer advisor: Moelis & Company LP
In connection with the rating downgrade of DEPFA BANK plc's short-term IDR to 'F2' from 'F1' on Oct.
NEW YORK -- In connection with the rating downgrade of DEPFA BANK plc's short-term Issuer Default Rating (IDR) to 'F1' from 'F1+' yesterday, Fitch Ratings downgrades the following bonds:
The placement of the bonds on Rating Watch Negative is based on FHFC's efforts to find a replacement provider for DEPFA BANK plc (DEPFA; rated 'A-/F1+' by Fitch) backed 2000 series A bonds that are currently in the term-out mode and require a term-out payment in January 2010.