Savings Bank Finance Group: DBRS confirms A (high) floor rating

07.04.2010 – Press Release No. 32/2010

The Canadian rating agency today confirmed its A (high) floor rating for long-term liabilities and an R-1 (middle) rating for short-term liabilities of Sparkassen-Finanzgruppe (the Savings Banks Finance Group). “Despite the difficult economic situation, the good floor rating of the Savings Banks Finance Group has remained stable. This is due to the sound business model of the Savings Banks Finance Group and the solidarity among its member institutions”, said Heinrich Haasis, President of the Deutscher Sparkassen- und Giroverband (DSGV – German Savings Banks Association).

DBRS gives at least an A (high) rating to all the savings banks, central savings banks and central building societies in Germany. This rating is directly marketable. Within the framework of the regular rating review, DBRS confirms that the Savings Banks Finance Group continues to have good credit standing despite the financial crisis. One factor which, according to DBRS, was mainly responsible for the very good result was the reliable and efficient joint liability scheme. In addition, the rating demonstrates the stability of the Savings Banks Finance Group in spite of the continuing financial and economic crisis. DBRS acknowledges the Group’s successful business model and its high market shares.