Westdeutsche ImmobilienBank Aug 05
- ID: 1858175
- August 2005
- Standard & Poors
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
- North Rhine-Westphalia (State of)
- WestLB Finance Curacao N.V.
- EAA Covered Bond Bank Public Ltd Co.
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Research Type: Full Analysis