WestLB AG Oct 09
- ID: 1857791
- October 2009
- Standard & Poors
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
- North Rhine-Westphalia (State of)
- WestLB Finance Curacao N.V.
- Westdeutsche ImmobilienBank
- EAA Covered Bond Bank Public Ltd Co.
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