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S&P downgrades Germany's Wüstenrot Bank AG Pfandbriefbank

S&P Global Ratings on June 8 lowered Germany-based Wüstenrot Bank AG Pfandbriefbank's long-term counterparty credit rating to BBB+ from A-, with a stable outlook.

S&P also affirmed the Wüstenrot & Württembergische AG unit's A-2 short-term rating and removed it from under criteria observation.

The rating agency noted that it revised its assessment of Wüstenrot Bank AG Pfandbriefbank's group status to the Wüstenrot & Württembergische group to highly strategic from core, following the announcement that the parent company is evaluating several options on its future strategy for the subsidiary, including a potential sale.

The stable outlook reflects S&P's expectation that the bank will remain an integral part of the Wüstenrot & Württembergische group's future digitization strategy.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.