Research Update: Bonds Transferred To Workout Unit Erste Abwicklungsanstalt From WestLB Affirmed At 'AA-'; Outlook Revised To Stable May 10
- ID: 1858243
- May 2010
- Standard & Poors
The transfer of bonds issued by German Landesbank WestLB AG to workout unit Erste Abwicklungsanstalt (EAA; AA-/Stable/A-1+) was entered into the commercial register on April 30, 2010, retroactively as of Jan. 1, 2010. The transfer is part of WestLB's restructuring plan. We are therefore affirming our 'AA-' ratings on the bonds and revising the outlook to stable from negative. The stable outlook on the bonds reflects that on EAA and our view that support for EAA from NRW is almost certain. The counterparty credit ratings on WestLB and the ratings on other bonds issued by WestLB are not affected. On May 5, 2010, Standard & Poor's Ratings Services affirmed its 'AA-' debt ratings on grandfathered bonds issued by Germany-based WestLB...
Companies mentioned in this report are:
- Erste Abwicklungsanstalt
- Portigon AG (Unsolicited Ratings)
- North Rhine-Westphalia (State of)
Action: Outlook: Stable
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Product Type: Research Update
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