Westdeutsche ImmobilienBank Aug 05

Standard & Poors, August 2005

Abstract
Ongoing ownership support from, and expectation of, strengthening integration into WestLB; Developing role as real estate specialist and mortgage Pfandbriefe issuer for WestLB and its owner savings banks; and Sound international property loan portfolio. Weak quality of domestic mortgage portfolio; Weak profitability track record; and Low business and revenue diversification. The unguaranteed counterparty ratings on Westdeutsche Immobilienbank (WIB) are based on ongoing support by its 100% owner WestLB AG (WestLB). The ratings reflect Standard & Poor's expectation that WestLB will successfully complete the operational integration of WIB as its competence center for real estate and its mortgage Pfandbriefe funding provider. Likewise, Standard & Poor's regards as positive WIB's evolving role to provide the retail business of WestLB's owner savings banks...

Companies mentioned in this report are:
- Westdeutsche ImmobilienBank
- Portigon AG (Unsolicited Ratings)
- North Rhine-Westphalia (State of)
- WestLB Finance Curacao N.V.
- Banque d'Orsay
- NRW.BANK
- EAA Covered Bond Bank Public Ltd Co.

Action: Review

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: Full Analysis

- Westdeutsche ImmobilienBank
- Portigon AG (Unsolicited Ratings)
- North Rhine-Westphalia (State of)
- WestLB Finance Curacao N.V.
- Banque d'Orsay
- NRW.BANK
- EAA Covered Bond Bank Public Ltd Co.

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