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Bulletin: Erste Abwicklungsanstalt Ratings Unchanged On Proposed New Restructuring Plan For WestLB Feb 11
Standard & Poors, Feb 2011
Abstract
FRANKFURT (Standard & Poor's) Feb. 17--Standard & Poor's Ratings Services said today that the ratings and outlook on Erste Abwicklungsanstalt (EAA; AA-/Stable/A-1+) are unaffected by Germany's submission of a revised restructuring plan for WestLB AG (unsolicited BBB+/Negative/A-2) on Feb. 15, 2011, to the European Commission. We understand that under the proposed new plans, WestLB may transfer about -100 billion of additional assets to EAA, a wholly publicly owned wind-down entity. In turn, we understand EAA will receive additional equity from WestLB and potentially additional capital support from the Federal Republic of Germany's (AAA/Stable/A-1+) Financial Market Stabilization Agency. According to press reports, this support could be in the form of a loss absorption of up to -3 billion. Irrespective of these...
Companies mentioned in this report are: Erste Abwicklungsanstalt,WestLB AG (Unsolicited Ratings)
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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