The Frankfurt office of Moody's Investors Service has placed on review for possible downgrade the ratings of the mortgage pfandbriefe (covered bonds) issued by Germany's Allgemeine HypothekenBank Rheinboden.The rating action follows the downgrades of AHBR's long-term bank deposit and short-term deposit ratings. "The review of the AHBR's pfandbrief ratings will assess the commitment to hold sufficient overcollateralization and to what extent the mortgage pfandbriefe might be affected by the new bank's business realignment," Moody's said. AHBR agreed to sell its international real estate financing business to Hypo Real Estate Group earlier this year.
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