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Landesbank Sachsen Girozentrale Jun 06 Product Image

Landesbank Sachsen Girozentrale Jun 06

  • Published: June 2006
  • Standard & Poors

Abstract
Implicit support from the State of Saxony; Enhanced cooperation with savings banks in Saxony; and Prudent credit risk appetite in strategic growth areas. Repositioning due to loss of state guarantees is lagging that of peers; Limited business potential in its home market; Reliance on wholesale funding; and Loss-making legacy loan portfolio. The counterparty credit ratings on Germany-based Landesbank Sachsen Girozentrale (SachsenLB) and the issue ratings on new unguaranteed obligations incurred since July 19, 2005, are based on implicit ownership support from the State of Saxony (AA/Stable/A-1+). The bank is also expected to benefit from cooperation with the savings banks of the Saxon Financial Group (SFG), and should maintain a prudent credit risk appetite. Constraining factors are the delays in repositioning...

Companies mentioned in this report are: Sachsen Bank,WestLB AG (Unsolicited Ratings),Saxony (State of)
Action: Review

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Sachsen Bank,WestLB AG (Unsolicited Ratings),Saxony (State of)

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