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Westdeutsche Immobilienbank Jul 04

  • ID: 1857567
  • July 2004
  • Standard & Poors

FEATURED COMPANIES

  • NRW.BANK
  • Portigon AG
  • WestLB Finance USA Inc.
  • MORE

Abstract
Guarantee from WestLB AG (AA/Negative/A-1+) until July 18, 2005; Ongoing ownership support from, and integration into WestLB; Privilege to issue Pfandbriefe; and Sound international property loan portfolio. Guarantee will be abolished on July 19, 2005; Weak domestic mortgage portfolio; Low business and revenue diversification; and Weak capitalization. The 'AA-' ratings on Westdeutsche Immobilienbank (WIB) reflect that the bank benefits from the maintenance obligation (Anstaltslast) and statutory guarantee (Gewährträgerhaftung) of WestLB AG, which became its sole owner after its July 2003 acquisition of the remaining stakes from Landesbank Baden-Wuerttemberg (LBBW; AAA/Negative/A-1+) and Landesbank Rheinland-Pfalz Girozentrale (LRP; AA/Negative/A-1+), which each held 25%. In turn, the ratings on WestLB draw support from its key owner and guarantor, the State of North Rhine-Westphalia (NRW;...

Companies mentioned in this report are:
- Westdeutsche ImmobilienBank
- Portigon AG
- North Rhine-Westphalia (State of)
- WestLB Finance Curacao N.V.
- WestLB Finance Nederland B.V.
- WestLB Finance USA Inc.
- NRW.BANK
- EAA Covered Bond Bank READ MORE >

Note: Product cover images may vary from those shown

- Westdeutsche ImmobilienBank
- Portigon AG
- North Rhine-Westphalia (State of)
- WestLB Finance Curacao N.V.
- WestLB Finance Nederland B.V.
- WestLB Finance USA Inc.
- NRW.BANK
- EAA Covered Bond Bank Public Ltd Co.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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