WestLB AG Aug 08

Standard & Poors, August 2008

Abstract
Implicit support and explicit ultimate grandfathering guarantee from the owner savings banks and the State of North Rhine-Westphalia Cooperation agreements with savings banks, underpinned by a jointly run regional protection scheme Capital-market, structured-finance, and international expertise that complements the savings banks' offerings Unbalanced wholesale-oriented business profile that lacks scale and diversity Failure to implement a customer-oriented strategy and to improve efficiency Weak governance and risk management Weak financial profile The ratings on Germany-based WestLB AG incorporate six notches of support and are based solely on Standard & Poor's Ratings Services expectation of ongoing ownership support, at least during the bank's restructuring process. Due to its ownership structure, WestLB is a government-related entity (GRE). The owners have proven their commitment to...

Companies mentioned in this report are:
- Portigon AG (Unsolicited Ratings)
- North Rhine-Westphalia (State of)
- Westdeutsche ImmobilienBank
- EAA Covered Bond Bank Public Ltd Co.

Action: Review

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: Full Analysis

- Portigon AG (Unsolicited Ratings)
- North Rhine-Westphalia (State of)
- Westdeutsche ImmobilienBank
- EAA Covered Bond Bank Public Ltd Co.

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