Research Update: Germany-Based WestLB AG Unsolicited Long-Term Rating Lowered On Bank Criteria Change; Outlook Stable Dec 11
- Language: English
- Published: December 2011
LONDON (Standard & Poor's CreditWire) June 4, 2001--Standard & Poor's today assigned its preliminary ratings to the Eur124.55 million floating-rate amortizing credit-linked notes to be issued by Westdeutsche Landesbank Girozentrale (WestLB) under its Power 2001-1 securitization (see list below). The credit-linked notes are structured as a synthetic residential mortgage transaction, not a cash flow transaction in which all the assets are transferred to a bankruptcy-remote special-purpose entity. As such, the issuer of the credit-linked notes is WestLB (AA+/Negative/A-1+). The notes are, therefore, direct obligations of WestLB. The reference pool is a portfolio of residential mortgage loans originated by WestLB and certain intermediaries for WestLB. The preliminary ratings reflect the adequate Pfandbriefe collateral for the class A notes; WestLB's senior unsecured...
Companies mentioned in this report are:
- Portigon AG (Unsolicited Ratings)
Action: New Rating
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Research type: News
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