DBRS Changes Debt Name for DZ BANK’s Mandatory Pay Subordinated Debt – Sr Unaffected at AA (low), Neg trend

DBRS has today changed the debt name for Mandatory Pay Subordinated Debt (previously Subordinated Debt) of DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK) to more accurately describe the rated instruments. Importantly, the name change does not reflect any issuer-specific credit event and does not impact any other ratings for DZ BANK, including the Senior Unsecured Long-Term Debt rating of AA (low), with a Negative trend.

The rating for DZ BANK’s Mandatory Pay Subordinated Debt remains unchanged at A (high). The rating reflects the application of DBRS’ standard methodology, under which subordinated debt with mandatory coupons is rated one notch lower than the senior debt rating. The Negative trend reflects the trend on the senior rating. This rating applies to Tier-2-Subordinated Notes issued by DZ BANK.

Note:
All figures are in Euros unless otherwise noted.

The applicable methodologies are Global Methodology for Rating Banks and Banking Organisations, Enhanced Methodology for Bank Ratings – Intrinsic and Support Assessments, Rating Bank Subordinated Debt and Hybrid Capital Instruments with Discretionary Payments, Rating Bank Subordinated Debt and Hybrid Capital Instruments with Contingent Risks, and Rating Bank Preferred Shares and Equivalent Hybrids, which can be found on our website under Methodologies.

This is a Corporate (Financial Institutions) rating.