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DBRS revises trend on Sparkassen-Finanzgruppe, 383 members of protection scheme

DBRS on March 27 revised the rating trend on Sparkassen-Finanzgruppe and 383 members of the group's Institution Protection Scheme to positive from stable.

The agency confirmed the bank's and the members' long-term issuer ratings and senior debt at A and affirmed the short-term issuer ratings and debt at R-1 (low). The long- and short-term deposits of the members were also affirmed at A/R-1 (low).

The trend change reflects, in DBRS' view, the continuous resilient profitability among German savings banks in the low interest rate environment, the further de-risking of the landesbanken sector and consistent improvement in the group's capital position.

DBRS also withdrew 66 ratings of 11 Sparkassen members which no longer exist as individual banks after merging with other members.

Sparkassen-Finanzgruppe is controlled by Deutsche Sparkassen- und Giroverband ö. K.