Westdeutsche Immobilienbank Jul 03
Standard & Poors, July 2003
Abstract
The counterparty credit ratings on Westdeutsche Immobilienbank (WIB) reflect that the bank will continue to benefit from its key owner WestLB AG's (AA+/Negative/A-1+) maintenance obligation (Anstaltslast) and statutory guarantee (Gewährträgerhaftung), which can be maintained until July 18, 2005. In turn, the ratings on WestLB draw key support from its key owner and guarantor, the State of North Rhine-Westphalia (NRW; AA+/Negative/A-1+). The one notch distinction between WIB and WestLB reflects that Standard & Poor's relies less on indirect state guarantees because direct state guarantees are regarded as the strongest form of creditor protection. The ratings on WIB's public sector (Öffentliche) and mortgage (Hypotheken) Pfandbriefe are solely based on the quality of the collateral, coupled with protections afforded by German insolvency and...
Companies mentioned in this report are:
- Westdeutsche ImmobilienBank
- Portigon AG (Unsolicited Ratings)
- Rheinland-Pfalz Bank
- North Rhine-Westphalia (State of)
- WestLB Finance Curacao N.V.
- WestLB Finance Nederland B.V.
- WestLB Finance USA Inc.
- Banque d'Orsay
- NRW.BANK
- EAA Covered Bond Bank Public Ltd Co.
Action: Review
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.
Research Type: Full Analysis
- Westdeutsche ImmobilienBank
- Portigon AG (Unsolicited Ratings)
- Rheinland-Pfalz Bank
- North Rhine-Westphalia (State of)
- WestLB Finance Curacao N.V.
- WestLB Finance Nederland B.V.
- WestLB Finance USA Inc.
- Banque d'Orsay
- NRW.BANK
- EAA Covered Bond Bank Public Ltd Co.
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