November 21, 2017 / 2:26 PM / a year ago

Fitch Withdraws Ratings of 42 Merged German Cooperative Banks

(The following statement was released by the rating agency) LONDON/FRANKFURT, November 21 (Fitch) Fitch Ratings has withdrawn the ratings of 42 German cooperative banks that in 2017 merged with other members of Genossenschaftliche FinanzGruppe (GFG, Germany's cooperative banking group; group ratings of AA-/Stable/F1+). GFG's group ratings apply to all 941 members of the group's institutional protection scheme, based on mutual support. Members include primarily small local Volksbanken and Raiffeisenbanken as well as GFG's central institution, DZ BANK AG Deutsche Zentral-Genossenschaftsbank, and its main banking subsidiaries. KEY RATING DRIVERS The ratings were withdrawn because the 42 Volksbanken and Raiffeisenbanken no longer exist as separate entities following their mergers into other rated members of GFG. As a result, Fitch will no longer provide ratings or analytical coverage of the merged issuers. RATING SENSITIVITIES Not applicable as the ratings have been withdrawn. Below is the list of banks whose Long-Term Issuer Default Ratings and Deposit Ratings of 'AA-' and Short-Term Issuer Default Ratings and Deposit Ratings of 'F1+' were withdrawn. The Outlooks on the Long-Term Issuer Default Ratings at withdrawal were Stable. Raiffeisen- und Volksbank Dahn eG Raiffeisenbank eG Herxheim Volksbank Triberg eG Raiffeisenbank Trostberg-Traunreut eG Volksbank Vilshofen eG VR-Bank Feuchtwangen-Limes eG Raiffeisenbank Grafenwoehr-Kirchenthumbach eG Raiffeisen-Volksbank Kronach-Ludwigsstadt eG Volksbank eG, Steyerberg Volksbank Clenze-Hitzacker eG Volksbank Weserbergland eG Credit- und Volksbank eG Volksbank Rhein-Wupper eG Volksbank Wipperfuerth-Lindlar eG Raiffeisenbank Grevenbroich eG Volksbank Wachtberg eG Volksbank Lette-Darup-Rorup eG Volksbank Laer-Horstmar-Leer eG Volksbank Hoerste eG Volksbank Kirchhellen eG Volksbank Minden eG VR-Bank Chattengau eG Volksbank Montabaur-Hoehr-Grenzhausen eG Volksbank Muelheim-Kaerlich eG Nufringer Bank -Raiffeisen- eG Darmsheimer Bank eG Volksbank Schwaebisch Gmuend eG Volksbank Tuebingen eG Volksbank Weingarten eG Volksbank Allgaeu-West eG Volksbank Friedrichshafen eG Raiffeisenbank Toelzer Land eG VR-Bank Erding eG Raiffeisenbank Hoehenkirchen und Umgebung eG Raiffeisenbank Krumbach/Schwaben eG Raiffeisenbank Sonnenwald eG Raiffeisenbank im Stiftland eG Raiffeisenbank Weiden eG Volksbank-Raiffeisenbank Bayreuth eG Raiffeisenbank Grossostheim-Obernburg eG Raiffeisenbank Ronshausen-Marksuhl eG Dresdner Volksbank Raiffeisenbank eG Contact: Primary Analyst Patrick Rioual Senior Director +49 69 76 80 76 123 Fitch Deutschland GmbH Neue Mainzer Strasse 46-50 60311 Frankfurt am Main Secondary Analyst Patrick Golling Analyst +44 20 3530 1772 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email:; Adrian Simpson, London, Tel: +44 203 530 1010, Email: Additional information is available on Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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