Research Update: WestLB Covered Bond Bank PLC LT Rating Lowered To 'A'; UNGUARANTEED Ratings Lowered To 'BBB+' Jul 05

Standard & Poors, July 2005

Abstract
On July 14, 2005, Standard & Poor's Ratings Services lowered to 'A' from 'A+' its long-term counterparty credit rating on WestLB Covered Bond Bank PLC (WCBB). The 'A-1' short-term ratings and the 'AAA' senior secured debt ratings on the bank's covered bonds (Irish Asset Covered Securities; ACS) were affirmed. The outlook is negative. At the same time, Standard & Poor's lowered its rating on WCBB's senior unsecured unguaranteed debt issues (UNGUARANTEED rating) to 'BBB+' from 'A-'. The unguaranteed 'BBB+' rating is similar to the long-term counterparty rating after July 18, 2005, and corresponds with an 'A-2' unguaranteed short-term counterparty rating. The rating actions reflect Standard & Poor's view of the bank's reduced strategic importance to its parent WestLB AG (AA-Negative/A-1+;...

Companies mentioned in this report are: EAA Covered Bond Bank Public Ltd Co.,WestLB AG (Unsolicited Ratings)
Action: Affirmed
Action: Downgraded
Action: Outlook: 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.

EAA Covered Bond Bank Public Ltd Co.,WestLB AG (Unsolicited Ratings)

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