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FIGCovered Bonds

Heta fallout hits DuessHyp

Fitch put Duesseldorfer Hypothekenbank’s (DuessHyp) BBB- rating on Watch Negative and downgraded its Viability Rating (VR). The bank urgently needs capital, which should ultimately be available from the German government, said the ratings agency. It may be the latest example of the fallout from the Austrian state of Carinthia’s decision not to honour the guarantee of Heta Asset Resolution's unsecured bonds.

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