DGAP-Adhoc: COREALCREDIT BANK AG: COREALCREDIT foregoes external rating for maturing public-sector Pfandbriefe

COREALCREDIT BANK AG  / Key word(s): Miscellaneous

24.08.2011 12:32

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------

COREALCREDIT BANK AG is cancelling its rating agreement with Fitch for
public-sector Pfandbriefe with immediate effect.

Since 2006 COREALCREDIT BANK AG has concentrated exclusively on commercial
real estate financing in Germany as its core business; the public-sector
financing business and consequently the issue of public-sector Pfandbriefe
were discontinued at the same time. Accordingly, in the course of several
repurchase programmes and due to natural Pfandbrief maturities the Bank has
substantially reduced the amount of its public-sector Pfandbriefe in
circulation to a current value of EUR 1.5bn, compared to EUR 26.5bn as at
the end of 2005. In view of the small remaining volume and the fact that
this product has not been issued since 2006, the Bank will in future forego
having its public-sector Pfandbriefe rated by an external rating agency.
The remaining cover assets will continue to be of high quality. As an
additional signal of quality, the Bank increased its voluntary commitment
of overcollateralisation over and above the statutory requirement to 10.6
per cent. The voluntary nominal overcollateralisation of 13.0 per cent for
mortgage Pfandbriefe continues to apply, and these will continue to be
rated. COREALCREDIT BANK AG will continue  to maintain the good quality and
transparency of its cover pool in future.


---------------------------------------------------------------------------

Information and Explaination of the Issuer to this News:

Please find a register of all listed securities of COREALCREDIT BANK AG on
our website
http://www.corealcredit.de/upload/wertpapiere/Wertpapierliste.pdf

Contact:
Dr. Leo Cremer
Tel.: +49 (0)69 7179 -665
Fax: +49 (0)69 27179 -665
leo.cremer@corealcredit.de



24.08.2011 DGAP's Distribution Services include Regulatory Announcements, 
Financial/Corporate News and Press Releases. 
Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------------
 
Language:     English
Company:      COREALCREDIT BANK AG
              Grüneburgweg 58-62
              60322 Frankfurt am Main
              Germany
Phone:        069 / 7179 - 543
Fax:          069 / 27179 - 543
E-mail:       axel.leupold@corealcredit.de
Internet:     www.corealcredit.de
ISIN:         DE0008103094, DE0005169734, DE0005169759, DE0008103037,
DE0008103045, DE0008103078 
WKN:          810309
Listed:       Regulierter Markt in Düsseldorf; Freiverkehr in Stuttgart;
              Open Market in Frankfurt
 
End of Announcement                             DGAP News-Service
 
---------------------------------------------------------------------------