Research Update: NRW.BANK 'AA-/A-1+' Ratings Affirmed On State Support; Outlook Stable Jul 09
Standard & Poors, July 2009
Abstract
Standard & Poor's has revised its criteria for rating government-related entities. In accordance with our criteria, we are affirming the 'AA-/A-1+' ratings on NRW.BANK based on our opinion that there is an "almost certain" likelihood of extraordinary state support should the need arise. In addition, the rating benefits from an explicit state guarantee, a state maintenance obligation and statutory guarantee. The stable outlook reflects that on North Rhine-Westphalia because rating actions on the state affect the ratings on NRW.BANK. On July 14, 2009, Standard & Poor's Ratings Services affirmed its 'AA-/A-1+' long- and short-term issuer credit ratings on state-owned NRW.BANK. The outlook is stable. The rating on Germany-based NRW.BANK is based on an equalization with the bank's general owner, the...
Companies mentioned in this report are:
- NRW.BANK
- Portigon AG (Unsolicited Ratings)
- Westdeutsche ImmobilienBank
- EAA Covered Bond Bank Public Ltd Co.
Action: Affirmed
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)
- Westdeutsche ImmobilienBank
- EAA Covered Bond Bank Public Ltd Co.
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