On Feb. 11, 2008, Standard & Poor's Ratings Services affirmed its 'A-/A-2' long- and short-term counterparty credit ratings on WestLB AG and its 100% subsidiaries Westdeutsche ImmobilienBank (WIB) and WestLB Covered Bond Bank PLC (WCBB). At the same time, the long-term ratings on the banks were removed from CreditWatch with negative implications, where they had been placed on Jan. 24, 2008. The outlook on the three banks is negative. The 'AAA' ratings on WestLB's, WIB's, and WCBB's Pfandbriefe and covered bonds are not affected by the rating action. Standard & Poor's has not assigned ratings to capital instruments issued by WestLB or its subsidiaries. The rating action reflects that support from WestLB's owners has been forthcoming to largely protect WestLB...
Companies mentioned in this report are:
- Portigon AG (Unsolicited Ratings)
- Westdeutsche ImmobilienBank
- EAA Covered Bond Bank Public Ltd Co.
Action: Outlook: Negative
Action: On CreditWatch:Negative
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Product Type: Research Update
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