Research Update: Landesbank Nordrhein-Westfalen Apr 03

Standard & Poors, April 2003

Abstract
On April 28, 2003, Standard & Poor's Ratings Services assigned its 'AA+' long-term and 'A-1+' short-term counterparty credit and certificate of deposit ratings to Landesbank Nordrhein-Westfalen (LB NRW). The outlook is negative. The counterparty credit ratings on LB NRW reflect that the bank continues to benefit from its key owner, the State of North Rhine-Westphalia's (NRW; AA+/Negative/A-1+), maintenance obligation (Anstaltslast) and statutory guarantee (Gewährträgerhaftung), which can be maintained at least until July 18, 2005. Activities of special credit institutions that are entrusted with promotional tasks in compliance with the state aid rules of the European Commission (EC) and which aim at supporting clearly defined public policies and public tasks may continue to benefit from state guarantees, however. In this case,...

Companies mentioned in this report are:
- NRW.BANK
- Portigon AG (Unsolicited Ratings)
- North Rhine-Westphalia (State of)

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.

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.

- NRW.BANK
- Portigon AG (Unsolicited Ratings)
- North Rhine-Westphalia (State of)

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