Germany-Based WestLB AG And Subs 'A-/A-2' Affirmed After Sector Review; Outlook Negative Aug 08

Standard & Poors, August 2008

Abstract
FRANKFURT (Standard & Poor's) Aug. 1, 2008--Standard & Poor's Ratings Services said today it affirmed its 'A-'long-term and 'A-2' short-term counterparty credit ratings on WestLB AG and its 100%-owned subsidiaries, Westdeutsche ImmobilienBank AG (WIB) and WestLB Covered Bond Bank PLC (WCBB) in conjunction with a sector review of four Landesbanks with the highest exposure to structured credit investments. The outlook on all entities remains negative. The 'AAA' ratings on WestLB's, WIB's, and WCBB's Pfandbriefe and covered bonds are not affected by the rating action. Standard & Poor's has not assigned ratings to capital instruments issued by WestLB or its subsidiaries. "The counterparty credit ratings on Germany-based WestLB AG are based solely on the expectation of ongoing ownership support, at least...

Companies mentioned in this report are: WestLB AG (Unsolicited Ratings)
Action: Affirmed
Action: Outlook: Negative

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Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

WestLB AG (Unsolicited Ratings)

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