Moody's May Upgrade Some Pfandbriefe

Moody's Investors Service put the ratings of some pfandbriefe on review for possible upgrade after the upper chamber of Germany's legislature approved changes to the Mortgage Bank Act.The ratings affected include the Aa3 ratings for mortgage pfandbriefe and the Aa2 ratings for the public sector pfandbriefe of Bayerische Hypotheken- und Vereinsbank AG and Wuerttembergische Hypothekenbank AG. The Aa2 ratings for mortgage pfandbriefe and the Aa1 ratings for public sector pfandbriefe of Hypothekenbank in Essen AG also were affected.

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