Germany's Hypo Real Estate Holding plans to buy the Ireland-based Depfa Bank PLC by acquiring 100% of its shares.In reaction to the anticipated move, Standard & Poor's took rating actions that included lowering Depfa's rating, putting Hypo's real estate group on CreditWatch positive, and placing Hypo Real Estate Bank International AG's mortgage covered bonds on CreditWatch with developing implications. S&P also affirmed public-sector covered bonds issued by Hypo Real Estate Bank International, Hypo Real Estate Bank AG, Depfa Deutsche Pfandbriefbank AG, the Ireland-based Depfa ACS, and the Luxembourg-based Hypo Pfandbrief Bank International SA.

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