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Management report 27 Rating At the end of February 2014 Moody’s raised its outlook for the ratings of MünchenerHyp’s senior unsecured liabilities and fun- damental financial strength from negative to stable. The rating agency explained this step by noting that the Bank had strength- ened its level of equity capital in 2013. Furthermore, Moody’s also commented that the risk content of MünchenerHyp’s loan portfolio had improved as the bank continued to reduce its port- folio of loans originated in countries within the eurozone that had been harder hit by debt crisis, as well as the portfolio of loans of banks domiciled in these countries. In addition the Bank had further reduced its portfolio of loans originated within the USA. Moody’s additionally pointed out that MünchenerHyp had earned a high reputation in the capital market as an issuer of Pfandbriefe and thus had a correspondingly high level of refi- nancing strength. The Bank’s firm ties and support within the Cooperative Financial Network were also favourably acknowl- edged by the agency. Our long-term uncovered liabilities are rated A+ by the rating agency Fitch due to the group rating the agency assigned to the Cooperative Financial Network. Current ratings at a glance: RatingOutlook Public Pfandbriefe Aaa Mortage Pfandbriefe Aaa Senior unsecured liabilities A2 stable Fundamental financial strength D stable Short-term liabilities Prime-1 The complete Moody’s document, as well as additional infor- mation regarding our ratings, is available at MünchenerHyp’s website under the “investors” link. Sustainability We further developed our sustainability strategy during the past year. The goal is to integrate our economic, ecological and social actions even closer with our cooperative business philosophy. To achieve this goal we established a Sustainability Committee, which consists of 14 employees from many of MünchenerHyp’s departments. The tasks of the Sustainability Committee are, in particular, to continuously further develop the Bank’s sustain- ability strategy, to develop and implement new sustainability measures, and to manage the entire sustainability process. Our measures have also met an increasingly favourable response from agencies specialised in rating corporate sustainability activi- ties. One of them, imug, once again raised their sustainability rating for MünchenerHyp in 2013. MünchenerHyp’s latest sustainability report, as well as additional information on our commitment to sustainability, is available at: www.muenchenerhyp.de/nachhaltigkeit Regulatory Conditions Basel II und III During the year under review the Bank made additional pro- gress towards the implementation of the Internal Ratings Based Approach (IRBA). The supervisory authority reviewed and ap- proved the rating system for the Bank’s German retail business, 2011 2012 2013 oekom research D C- imug Public Pfandbriefe: neutral Mortage Pfandbriefe: neutral Public Pfandbriefe: favourable Mortage Pfandbriefe: neutral Public Pfandbriefe: very favourable Mortage Pfandbriefe: neutral Sustainalytics 44 of 100 points (Ranked 53 of 63 competitors) 47 of 100 points (Ranked 56 of 74 competitors) 47 of 100 points (Ranked 56 of 74 competitors) Development of our sustainability ratings since 2011 at a glance: Rating, Sustainability and General Regulatory Conditions