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Fitch withdraws ratings of 11 German cooperative banks

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Fitch withdraws ratings of 11 German cooperative banks

Fitch Ratings on Aug. 28 withdrew the ratings of 11 German cooperative banks that have merged with other members of cooperative banking group Volksbanken Raiffeisenbanken Genossenschaftlichen FinanzGruppe since the end of the third quarter of 2018.

The rating agency withdrew the AA-/F1+ long- and short-term issuer default and deposit ratings of Hallertauer Volksbank eG, Norderstedter Bank eG, Raiffeisenbank Donaumooser Land eG, Raiffeisenbank Fränkisches Weinland eG Escherndorf-Sommerach-Nordheim, Raiffeisenbank Garrel eG, Raiffeisenbank Holzheim eG, Raiffeisenbank Vordere Alb eG, Spar- und Darlehnskasse Stockhausen eG, Spar- und Kreditbank Dauchingen eG, Volksbank Heuberg eG and Volksbank Untere Saar eG.

The outlooks on the long-term ratings were stable prior to the withdrawal.

Fitch said it withdrew the ratings because the banks no longer exist as separate entities following their mergers into other rated members of the group.