Research Update: Bonds Transferred To Workout Unit Erste Abwicklungsanstalt From WestLB Affirmed At 'AA-'; Outlook Revised To Stable May 10
Standard & Poors, May 2010
Abstract
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: Affirmed
Action: Outlook: Stable
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Erste Abwicklungsanstalt
- Portigon AG (Unsolicited Ratings)
- North Rhine-Westphalia (State of)
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