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Bulletin: Ratings On Bavaria Unaffected By Its Plan To Inject Capital Into BayernLB Dec 08
Standard & Poors, Dec 2008
Abstract
FRANKFURT (Standard & Poor's) Dec. 2, 2008--Standard & Poor's Ratings Services said today its ratings and outlook on the German State of Bavaria (AAA/Stable/A-1+) are unaffected by the state's plan to increase the core capital of Bayerische Landesbank (BayernLB; A/Negative/A-1). The state announced yesterday its intention to inject -10 billion to support BayernLB, which will be restructured in the coming years. In addition, the state will grant a -4.8 billion guarantee on a portfolio of structured commercial paper. Standard & Poor's is convinced that these measures will weaken Bavaria's credit quality because the state's debt will rise to about 86% of operating revenues by 2010. However, given Bavaria's still strong credit fundamentals, such as balanced budgets after capital expenditures and...
Companies mentioned in this report are: Bayerische Landesbank,State of Bavaria
Action: Bulletin
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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