WestLB AG Oct 09

Standard & Poors, October 2009

Abstract
High systemic importance to State of North Rhine-Westphalia and Germany. Agreed and expected ongoing extraordinary support measures by WestLB's owners. The expectation that WestLB will be shielded from sizeable risks in nonstrategic assets. Concerns about the long-term viability of WestLB's wholesale business model without state ownership or integration into a larger, more diversified group. WestLB remains focused on cyclical wholesale business areas and reliant on wholesale funding. WestLB's banking activitiesafter having been shielded from substantial risksremain under significant financial stress from difficult markets. The ratings on Germany-based WestLB AG (BBB+/Negative/A-2) are based on Standard & Poor's Ratings Services' assessment of the bank's high systemic importance to the German State of North Rhine-Westphalia (NRW; AA-/Stable/A-1+) and the Federal Republic of Germany...

Companies mentioned in this report are:
- Portigon AG (Unsolicited Ratings)
- North Rhine-Westphalia (State of)
- WestLB Finance Curacao N.V.
- NRW.BANK
- Westdeutsche ImmobilienBank
- 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

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

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