The ratings on Bayerische Landesbank Girozentrale (BayernLB) are based on the maintenance obligation (Anstaltslast) and statutory guarantee (Gewährträgerhaftung) of the State of Bavaria (AAA/Stable/A-1+). Therefore, the rating draws key support from the State of Bavaria as the only direct state owner, and the bank's importance for the state's economy. The ratings on the State of Bavaria reflect the state's strong economy and financial position compared with other regions worldwide, as well as with other German states. (For further details on the credit quality of the State of Bavaria, see full analysis on RatingsDirect, Standard & Poor's Web-based credit analysis system.) Standard & Poor's assigned stable outlooks to all of BayernLB's obligations maturing by July 18, 2005, as these will benefit...
Companies mentioned in this report are:
- Bayerische Landesbank
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