HSH Nordbank terminates agreement with S&P

Hamburg/Kiel, June 14, 2010 - In-depth talks with business partners and investors have shown that in view of the Bank's reduced total assets and smaller funding volumes going forward, ratings from two agencies will be sufficient for HSH Nordbank.

Against this backdrop, the Management Board of HSH Nordbank has decided not to extend the rating agreement with Standard & Poor’s. Furthermore, a reduction of the number of rating agreements makes sense in terms of cost cutting and resource utilization. HSH Nordbank is currently reviewing all contractual relationships as part of its strategic realignment.

The rating agreements with FitchRatings and Moody's will continue unchanged. Both agencies are internationally recognised and investors will continue to benefit from two prestigious agencies and their independent credit ratings.

As expected, S&P today affirmed HSH Nordbank’s 'BBB+/A-2' long- and short-term credit ratings and its 'AA-' ratings on debt issued by HSH that benefit from state guarantees (grandfathered debt). Simultaneously, S&P withdrew all its ratings on HSH Nordbank.

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