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Fitch withdraws ratings of 5 German banks

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Fitch withdraws ratings of 5 German banks

Fitch Ratings on Sept. 5 withdrew the A+/F1+ long- and short-term issuer default and deposit ratings of five German savings banks, with the outlook on the long-term ratings stable at the time of withdrawal.

The banks are Kreissparkasse Osterholz, Sparkasse Ostunterfranken, Stadtsparkasse Porta Westfalica, Sparkasse Werl (Zweckverbandssparkasse der Stadt Werl und der Gemeinden Wickede) and Stadtsparkasse Hilchenbach.

The ratings action comes in the wake of the banks' merger with other members of Sparkassen-Finanzgruppe, Germany's savings bank group.