Fitch Withdraws Ratings of Merged Co-operative Banks in Germany
Fitch rates all 1,033 members of the group's institutional protection scheme (IPS), in line with Fitch's Global Bank Rating Criteria. Members include largely small, regional Volks- and Raiffeisenbanks and GFG's central institutions, DZ BANK AG (Deutsche Zentral-Genossenschaftsbank) and WGZ BANK AG (Westdeutsche Genossenschafts-Zentralbank).
KEY RATING DRIVERS
The ratings were withdrawn because the 29 banks and institutions no longer exist as separate entities following their merger into GFG. As a result Fitch will no longer provide ratings or analytical coverage of the below issuers.
RATING SENSITIVITIES
Not applicable
The list of banks whose Long- and Short-term IDRs at 'AA-' with Stable Outlook and 'F1+' respectively were withdrawn are as follows:
Volksbank Oelde-Ennigerloh-Neubeckum eG
Volksbank Kaunitz eG
RBank Raiffeisenbank Gross-Rohrheim eG
Volksbank Nahe-Schaumberg eG
VR Bank Saarpfalz eG
Raiffeisenbank Heidenheimer Alb eG
Korber Bank eG
Raiffeisenbank Weissacher Tal eG
VR-Bank Alb eG
Volksbank Balingen eG
Raiffeisenbank Weil und Umgebung eG
Raiffeisenbank suedoestl. Starnberger See eG
Raiffeisenbank Lech-Ammersee eG
VR-Bank Burghausen-Muehldorf eG
Raiffeisenbank Dietenhofen eG
VR-Bank Rothenburg o.d.Tbr. eG
Geraer Bank eG
Volksbank Hildesheim eG
Heinsberger Volksbank AG
Raiffeisenbank eG Aldenhoven
Raiffeisenbank Haunetal eG
Volksbank Hochwald-Saarburg eG
Raiffeisenbank Oberessendorf eG
Raiffeisenbank Eberhardzell-Ummendorf eG
Volksbank Neu-Ulm eG
VR-Bank Rhoen-Grabfeld eG
The list of members of GFG whose Long- and Short-term IDRs of 'AA-' with Stable Outlook and 'F1+' respectively were withdrawn because the entities were dissolved are as follows:
Quoniam Asset Management GmbH
Union Investment Privatfonds GmbH
Union Investment Institutional GmbH.
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