Ratings

Current issuer- and issue-ratings

Among the ratings performed by analysts at the registered office of GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH, Kattenbug 1, 50667 Cologne, Germany, the following ones have been published:

Due to the effects of the Covid-19 pandemic on the stability of the financial market in general and the economic effects on the institutions in particular, which cannot yet be finally assessed, GBB-Rating assigns for all existing ISSUER rating customers with date of the rating committee as at 26th of March 2020 the observation status „Watch“. The individual ratings remain unchanged for the time being.

Entity	Titel	Rating	Outlook	Date	Analyst	Download/Methodology/Information	Information	Beauftragt	Status	Verlinkung
ALTE LEIPZIGER Bauspar AG	Oberursel, Germany	AAA	stable	10/6/2020	Lehmann	abridged rating report (de) 1.0.05 Issue Rating - Mortgage Pfandbriefe	German Hypotheken-Namenspfandbrief	Yes	Aktuell	Yes
Banco Santander S.A.	Madrid, Spain	AA-	negative	5/25/2020	Lehmann	3.0.04 Banks		Yes	Aktuell	Yes
Bank11 Holding GmbH	Neuss, Germany	A	stable	3/26/2020	Weymann	abridged rating report (de) 3.0.03 Banks		Yes	Aktuell	Yes
Bausparkasse Wüstenrot AG	Salzburg, Austria	A-	stable	3/26/2020	Sauter	rating report (de) 3.0.03 Building societies	with support of the rating entity	No	Aktuell	Yes
BHW Bausparkasse AG	Hameln, Germany	A-	stable	3/26/2020	Pflitsch	3.0.03 Building societies		Yes	Aktuell	Yes
Cembra Money Bank AG	Zurich, Switzerland	A	negative	5/25/2020	Stein	rating report (de) 3.0.04 Banks	without support of the rating entity	No	Aktuell	Yes
Clientis AG	Bern, Switzerland	A-	indeterminate	7/24/2020	Gouverneur	rating report (de) 3.0.04 Banks	without support of the rating entity	No	Aktuell	Yes
Deutsche Bausparkasse Badenia AG	Karlsruhe, Germany	BBB+	indeterminate	3/26/2020	Pflitsch	3.0.03 Building societies		Yes	Aktuell	Yes
Deutsche Factoring Bank GmbH & Co. KG	Bremen, Germany	A+	stable	8/21/2020	Lehmann	3.0.04 Banks		Yes	Aktuell	Yes
GRENKE AG Konzern	Baden-Baden, Germany	A	negative	10/8/2020	Weymann	2.3.03 Leasing companies		Yes	Aktuell	Yes
ING Bank N.V.	Amsterdam, Netherlands	A+	indeterminate	6/10/2020	Foro	3.0.04 Banks		Yes	Aktuell	Yes
MLF Mercator-Leasing GmbH & Co. Finanz-KG	Schweinfurt, Germany	AA-	indeterminate	6/22/2020	Weymann	2.3.03 Leasing companies		Yes	Aktuell	Yes
MMV Gruppe	Koblenz, Germany	A+	indeterminate	9/18/2020	Koll	2.3.03 Leasing companies		Yes	Aktuell	Yes
ODDO SEYDLER BANK AG	Frankfurt am Main, Germany	A-	indeterminate	3/26/2020	Erven	3.0.03 Banks		Yes	Aktuell	Yes
PSA Bank Deutschland GmbH	Neu-Isenburg, Germany	A	stable	5/25/2020	Lehmann	rating report (de) 3.0.04 Banks		Yes	Aktuell	Yes
SIGNAL IDUNA Bauspar AG	Hamburg, Germany	BBB+	negative	3/26/2020	Sauter	3.0.03 Building societies		Yes	Aktuell	Yes
Süd-West-Kreditbank Finanzierung GmbH	Bingen am Rhein, Germany	A+	stable	9/18/2020	Gouverneur	3.0.04 Banks		Yes	Aktuell	Yes
UmweltBank AG	Nuremberg, Germany	BBB+	positive	3/26/2020	Pähler	3.0.03 Banks		Yes	Aktuell	Yes
Valiant Bank AG	Bern, Switzerland	A	stable	9/3/2020	Küster	rating report (de) 3.0.04 Banks	with support of the rating entity	No	Aktuell	Yes
VP Bank Group	Vaduz, Liechtenstein	A-	indeterminate	7/24/2020	Stein	abridged rating report 3.0.04 Banks	without support of the rating entity	No	Aktuell	Yes

This list serves as publicly available evidence of the currency and validity of published ratings. It contains only the ratings that GBB-Rating has been commissioned to perform and in respect of which permission has been granted for listing and/or publication by the client. The ratings of GBB-Rating are statements of opinion referring to a period of one year or 12 months.