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Bulletin: WestLB AG Ratings Unchanged By CEO And CRO Dismissal Jul 07
Standard & Poors, July 2007
Abstract
FRANKFURT (Standard & Poor's) July 27, 2007--Standard & Poor's Ratings Services said today that its ratings on WestLB AG (A-/Stable/A-2) were not immediately affected by the supervisory board's decision to replace the bank's CEO and CRO as a result of the circumstances that have eventually led to very high trading losses in the first half of 2007. This is because Standard & Poor's continues to consider the ownership support--which uplifts by four notches the ratings on WestLB--as strong. The board also reaffirmed the owners' commitment to support WestLB in resolving the present crisis and reiterated its intention to explore consolidation opportunities among Landesbanks. Should respective Landesbanks owners agree to a business link-up, which remains uncertain but has become more likely...
Companies mentioned in this report are: 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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