TEXT-S&P takes various actions on Postbank covered bonds

OVERVIEW -- On July 12, 2012, our updated criteria for assessing counterparty risk in covered bonds became effective, and issuers had six months to meet the updated criteria. -- On Dec. 14, 2012, we put our ratings on Deutsche Postbank's mortgage-covered bonds and DSL Briefe covered bond program on CreditWatch negative due to the likelihood that these programs would not fully meet our counterparty criteria by Jan. 11, 2013, when the transition period ends. -- After reviewing