Westdeutsche Immobilienbank Jul 04
Standard & Poors, July 2004
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 (Unsolicited Ratings)
- 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.
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
- Westdeutsche ImmobilienBank
- Portigon AG (Unsolicited Ratings)
- 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.
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