Research Update: WestLB 'A-' L-T Rating On CreditWatch Negative Pending Further Decisions On Support And Future Dec 08
Standard & Poors, December 2008
Abstract
On Dec. 1, 2008, Standard & Poor's Ratings Services placed its 'A-' long-term counterparty credit ratings on WestLB AG and its 100% owned subsidiaries, Westdeutsche ImmobilienBank (WIB) and WestLB Covered Bond Bank PLC (WCBB) on CreditWatch with negative implications. The 'A-2' short-term ratings were affirmed. We have not assigned ratings to upper tier 2 or tier 1 capital instruments issued by WestLB. The CreditWatch placement reflects our concerns about the timing and scope of additional support measures by WestLB's owners as well as pending decisions on its future. Although we acknowledge that the owners demonstrated their commitment to prevent a potential collapse of the bank in March 2008, we believe that negative market and economic developments since that time require...
Companies mentioned in this report are: WestLB AG (Unsolicited Ratings),NRW.BANK,Westdeutsche ImmobilienBank,EAA Covered Bond Bank Public Ltd Co.
Action: Affirmed
Action: On CreditWatch:Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
WestLB AG (Unsolicited Ratings),NRW.BANK,Westdeutsche ImmobilienBank,EAA Covered Bond Bank Public Ltd Co.
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