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Summary: Westdeutsche ImmobilienBank Jul 05
Standard & Poors, July 2005
Ongoing ownership support from, and expectation of, strengthening integration into WestLB; Developing role as real estate specialist and mortgage Pfandbriefe issuer for WestLB and its owner savings banks; and Sound international property loan portfolio. Weak quality of domestic mortgage portfolio; Weak profitability track record; and Low business and revenue diversification. The unguaranteed counterparty ratings on Westdeutsche Immobilienbank (WIB) are based on ongoing support by its 100% owner WestLB AG. The rating reflects Standard & Poor's expectation that WestLB will successfully complete the operational integration of WIB as its competence center for real estate and its mortgage Pfandbriefe funding provider. Likewise, Standard & Poor's regards as positive WIB's evolving role to provide the retail business of WestLB's owner savings banks with...
Companies mentioned in this report are: Westdeutsche ImmobilienBank,WestLB AG (Unsolicited Ratings)
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Westdeutsche ImmobilienBank,WestLB AG (Unsolicited Ratings)