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Bulletin: WestLB Ratings Unaffected By Higher-Than-Expected Trading Losses Jun 07
Standard & Poors, June 2007
Abstract
FRANKFURT (Standard & Poor's) June 1, 2007--Standard & Poor's Ratings Services said today that its ratings on Germany-based WestLB AG (A-/Stable/A-2) are unaffected by yesterday's announced higher-than-expected trading losses. WestLB disclosed trading losses of about -243 million on proprietary trading positions, of which -70 million were already reflected in its first-quarter result of -134 million before taxes, which was up -85 million compared with the same period last year. Although the disclosed amount of -243 million is sizable considering the bank's still-modest underlying profitability, the disclosed losses alone will not have rating implications as they can be absorbed by WestLB's earnings and hidden reserves. The bank has also stated, however, that there are still remaining positions that might cause further...
Companies mentioned in this report are: WestLB AG (Unsolicited Ratings)
Action: Bulletin
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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