Geschäftsbericht 2015, englisch

münchener Hypothekenbank eg | annual report 2015 management report 28 rating The rating agency Moody’s revised its rating methodology for banks and Pfandbriefe in 2015. As a result, Moody’s confirmed all of its ratings for MünchenerHyp, even after employing the new methodology. The rating agency saw no need to make changes as the favourable effects it noted in 2014 were still valid. According to Moody’s, the risk content of MünchenerHyp’s loan portfolio improved as the Bank further reduced its portfolio of loans originated in countries within the eurozone that had been harder hit by the debt crisis, as well as its portfolio of loans to banks domiciled in these countries. In addition, the Bank had also further reduced its portfolio of loans originated within the USA. Furthermore, Moody’s pointed out that MünchenerHyp had earned a solid reputation in the capital mar- kets as an issuer of Pfandbriefe and thus had a correspondingly high level of refinancing strength. The Bank’s firm ties and sup- port within the Cooperative Financial Network were also favour- ably acknowledged by the agency. “Moody’s raised its rating for our senior unsecured liabilities to A1 and its rating for long- term deposits to Aa3.” Moody’s continued to have a favourable opinion of the substan- tial increase in MünchenerHyp’s equity capital ahead of the ECB assuming direct supervision of the Bank. In January 2016 Moody’s raised its rating for MünchenerHyp’s senior unsecured liabilities from A2 to A1 and its rating for long- term deposits from A2 to Aa3. The quality of the cover pool plays a greater role in Moody’s rat- ings for Pfandbrief since Moody’s revised its rating methodology. Even to achieve its highest rating of Aaa, Moody’s only requires issuers to observe the legal requirements and does not require them to voluntary provide surplus cover. Current ratings at a glance: Rating Public Pfandbriefe Aaa Mortgage Pfandbriefe Aaa Senior unsecured liabilities A1 Short-term liabilities Prime-1 Long-term deposits Aa3 Our long-term uncovered liabilities are rated AA- by the rating agency Fitch due to the group rating the agency assigned to the Cooperative Financial Network. The complete Moody’s document, as well as additional information regarding our ratings, is available at MünchenerHyp’s website under the “investors” link. Sustainability Last year’s successful launch of MünchenerHyp’s Sustainability Loan anchored sustainability even more strongly in our lending business. At the same time it marked an important step forward towards achieving our strategic objective of integrating sustaina- bility in the Bank’s core business. In addition, the Sustainability Committee further developed the Bank’s sustainability strategy and initiated the creation of a mission statement for the Bank and accompanied its further realisation. “Our sustainability ratings received from imug and Sus- tainalytics improved anew. oekom research confirmed the Bank’s Prime Status.” At the beginning of 2015 the sustainability rating agency Sustain- alytics significantly raised the Bank’s sustainability ratings in all three of the categories it rates: Ecology, Social and Governance. Rating, sustainability and regulatory conditions

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