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Moody's extends review for upgrade on HSH Nordbank

Moody's has extended the review for upgrade of HSH Nordbank AG's ratings initiated Feb. 28.

The ratings under review include the German bank's Baa3 long-term senior unsecured debt, deposit, issuer and junior senior ratings. The extension comes after the bank announced that the completion of its takeover by a consortium of private equity investors is expected in the fourth quarter.

The agency said it expects to upgrade by one notch the bank's Baa3 long-term deposit and senior unsecured debt ratings, Baa3 counterparty risk rating and Baa3(cr) counterparty risk assessment once HSH Nordbank clears all the remaining hurdles to its signed ownership change, and when Moody's assumptions relating to the bank's expected stronger credit profile are met.