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Research Update: Landesbank Nordrhein-Westfalen Mar 04

  • ID: 1857842
  • March 2004
  • Standard & Poors

Abstract
On March 12, 2004, Standard & Poor's Ratings Services revised its outlook on Germany-based Landesbank Nordrhein-Westfalen (LB NRW) to stable from negative. At the same time, Standard & Poor's affirmed all ratings on the bank, including its 'AA/A-1+' counterparty credit ratings and its 'AAA' senior secured debt ratings on LB NRW's public-sector (Öffentliche) Pfandbriefe. The rating actions reflect that the maintenance obligation (Anstaltslast) and statutory guarantee (Gewährträgerhaftung) from LB NRW's key owner, the State of North Rhine-Westphalia (NRW; AA/Stable/A-1+), will be maintained beyond 2005. Consequently, the ratings and outlook on LB NRW mirror those on NRW. The outlook revision is a result of parliament's approval of the Act on the Reorganisation of Landesbank Nordrhein-Westfalen into the Development Bank of the...

Companies mentioned in this report are:
- NRW.BANK
- Portigon AG
- North Rhine-Westphalia (State of)

Action: Affirmed
Action: Outlook: Stable

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- NRW.BANK
- Portigon AG
- North Rhine-Westphalia (State of)

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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