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BULLETIN: Judgment of the Court of First Instance on Unlawful State Aid Postpones Dispute Mar 03
Standard & Poors, March 2003
Abstract
Standard & Poor's Ratings Services said today that it considers the judgment of the European Court of First Instance (Court) to annul the European Commission's (EC) July 8, 1999, decision on unlawful state aid to the former Westdeutsche Landesbank Girozentrale (WestLB; now known as WestLB AG; AA+/Negative/A-1+), as a further postponement to resolution of the dispute, which will have no effect on the ratings on the WestLB. The EC had classified the transfer of the Wohnungsbauf-rderungsanstalt (Wfa) of the State of North Rhine-Westphalia (NRW; AA+/Negative/A-1+) to the former Westdeutsche Landesbank Girozentrale as unlawful state aid, which was incompatible with common market practices. In its decision, the EC argued that in respect of the transfer of Wfa to WestLB, a return...
Companies mentioned in this report are: WestLB AG (Unsolicited Ratings),North Rhine-Westphalia (State of)
Action: S&P Event
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: 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.
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