COREALCREDIT BANK AG
COREALCREDIT BANK AG
COREALCREDIT BANK AG
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Fitch confirmed the "AA-" rating of the Bank's mortgage Pfandbriefe in July 2011. Given the current<br />
general evaluation of the Bank, this is the best possible rating achievable by these mortgage<br />
Pfandbriefe under the Fitch rating model.<br />
The Bank cancelled its rating agreement with Fitch for public sector Pfandbriefe on 24 August<br />
2011. Fitch then withdrew its rating for this category of securities, having confirmed its "AAA" rating<br />
for the public sector Pfandbriefe shortly before. Since 2006, <strong>COREALCREDIT</strong> has concentrated<br />
exclusively on commercial real estate financing in Germany as its core business; the public sector<br />
financing business and consequently the issue of public sector Pfandbriefe were discontinued at<br />
the same time. Accordingly, in the course of several repurchase programmes and due to natural<br />
Pfandbrief maturities, the Bank has substantially reduced the amount of its public sector<br />
Pfandbriefe in circulation to a current value of EUR 1.5 billion, compared with EUR 26.5 billion as<br />
at the end of 2005. In view of the small remaining volume and the fact that this product has not<br />
been issued since 2006, the Bank has decided to forego having its public sector Pfandbriefe rated<br />
by an external rating agency.<br />
<strong>COREALCREDIT</strong>'s ratings as at 31 December 2011<br />
49<br />
Fitch<br />
Long-term debt BBB-<br />
Short-term debt F3<br />
Subordinated debt BB<br />
Viability rating bb<br />
Individual rating D<br />
Support rating 2<br />
Mortgage Pfandbriefe AA-<br />
None of the ratings have been revised in 2012.<br />
Credit ratings included or referred to in this Prospectus with regard to <strong>COREALCREDIT</strong> have been<br />
issued by Fitch which is established in the European Union and is registered under Regulation<br />
(EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on<br />
credit rating agencies and is included in the list of registered credit rating agencies published on<br />
the website of the European Securities and Markets Authority at<br />
http://www.esma.europa.eu/page/List-registered-and-certified-CRAs.<br />
ORGANISATIONAL STRUCTURE OF <strong>COREALCREDIT</strong><br />
As at 31 December 2011, <strong>COREALCREDIT</strong> was not included in any consolidated financial<br />
statements of its sole shareholder LSF5 German Investments, L.P., Dallas, or any other Lone Star<br />
company.<br />
<strong>COREALCREDIT</strong> directly holds major interests in the following subsidiaries:<br />
� AHBR Capital Funding LLC., Wilmington, Delaware<br />
� AHBR Projektentwicklung GmbH, Frankfurt/Main
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