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RATINGS AGENCY Standard & Poor’s did not make many friends in German banking last winter. On November 14 an article appeared in the newspaper Handelsblatt containing unofficial preliminary S&P ratings. They revealed a worrying prospect for German Landesbanken – that when they lose their state guarantees in July 2005, they can wave goodbye to their comfortable S&P ratings, which now range from AAA to AA-, and start to issue on ratings between A+ and BBB, which will be much more costly.
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