Moody's Eyes German Mortgage Bond

Moody's Investors Service has placed under review for possible downgrade the rating of DEPFA Deutsche Pfandbriefbank AG's mortgage pfandbrief.The rating action is related to "DEPFA Bank [PLC]'s announcement that it intends to completely dispose of its stake in DEPFA Deutsche Pfandbriefbank AG," according to Moody's. "The review for possible downgrade will focus on the bank's future ownership structure, the business model and management the new strategic shareholder will implement, and the commercial and financial profile that will result from these changes," Moody's said, adding that "any possible rating downgrade should be moderate." Moody's can be found on the Web at http://www.moodys.com.