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Westdeutsche Immobilienbank Assigned 'AA/A-1+' Counterparty Credit Ratings; Outlook Negative Mar 03 Product Image

Westdeutsche Immobilienbank Assigned 'AA/A-1+' Counterparty Credit Ratings; Outlook Negative Mar 03

  • ID: 1858057
  • March 2003
  • Standard & Poors

Abstract
FRANKFURT (Standard & Poor's) March 27, 2003--Standard & Poor's Ratings Services said today it assigned its 'AA' long-term and 'A-1+' short-term counterparty credit ratings to Westdeutsche Immobilienbank (WIB). The outlook is negative. At the same time, Standard & Poor's affirmed its 'AAA' ratings on the senior secured debt (Öffentliche Pfandbriefe and Hypothekenpfandbriefe) issued by WIB. The counterparty credit ratings on WIB reflect that the bank will continue to benefit from its key owner WestLB AG's (AA+/Negative/A-1+) maintenance obligation (Anstaltslast) and statutory guarantee (Gewährträgerhaftung), which can be maintained until July 18, 2005. In turn, the ratings on WestLB draw key support from its key owner and guarantor the State of North Rhine-Westphalia (NRW; AA+/Negative/A-1+). "The one notch distinction between WIB and...

Companies mentioned in this report are:
- Westdeutsche ImmobilienBank
- Portigon AG (Unsolicited Ratings)
- Rheinland-Pfalz Bank
- North Rhine-Westphalia (State of)
- Landesbank Baden-Wuerttemberg

Action: New Rating

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- Westdeutsche ImmobilienBank
- Portigon AG (Unsolicited Ratings)
- Rheinland-Pfalz Bank
- North Rhine-Westphalia (State of)
- Landesbank Baden-Wuerttemberg

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