NRW.BANK Jan 07
- ID: 1858199
- January 2007
- Standard & Poors
Strong support mechanism from the State of North Rhine-Westphalia and public policy role Additional explicit guarantee for NRW.BANK's liabilities Strong liquidity and state-supported low funding costs Sound risk profile and management Sound capitalization Business model dependent on public policy role and state support Only modest profitability The counterparty credit ratings on Germany-based NRW.BANK mirror the ratings on the State of North Rhine-Westphalia (NRW; AA-/Stable/A-1+), reflecting that NRW.BANK continues to benefit from explicit state support, notably the ongoing maintenance obligation (Anstaltslast) and statutory guarantee (Gewährträgerhaftung). (For more information on the State of North Rhine-Westphalia, see full analysis on RatingsDirect.) In addition, since 2005 NRW.BANK's liabilities have benefited from an explicit guarantee by the state, which underpins the bank's distinct public policy...
Companies mentioned in this report are:
- Portigon AG
- North Rhine-Westphalia (State of)
- State of Brandenburg
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