DBRS Downgrades TruPS of Hypo Real Estate Int Trust I to B (low); Still Under Review – Negative

DBRS has today downgraded the Trust Preferred Securities issued by Hypo Real Estate International Trust I (the Trust) to B (low). The ratings remain Under Review with Negative Implications.

The downgrade reflects DBRS’s view that there is an increased risk that the Trust may not make Capital Payments on the Trust Preferred Securities. This risk has been highlighted by the announcement on 3 March 2009 of DEPFA BANK plc, a member of Hypo Real Estate Group. DEPFA BANK plc announced that its vehicle DEPFA Funding IV LP will not make payments on its Preferred Securities, which share certain characteristics with the Trust’s Trust-Preferred Securities.

All other ratings for Hypo Real Estate Holding AG and related entities are not affected by today’s rating action.

Note: This rating is based on public information.

This is a Corporate (Financial Institutions) rating.