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

Standard & Poors, March 2003

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

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.

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

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