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Bayerische Landesbank's Oeffentliche Pfandbriefe Assigned 'AAA/A-1+' Senior Secured Rating Apr 05
Standard & Poors, April 2005
Abstract
FRANKFURT (Standard & Poor's) April 1, 2005--Standard & Poor's Ratings Services said today it has assigned its 'AAA' long-term and 'A-1+' short-term senior secured debt ratings to the -ffentliche (public sector) Pfandbriefe issued by Germany-based Bayerische Landesbank (BayernLB; AAA/Negative/A-1+). The ratings on the -ffentliche Pfandbriefe are based on the asset quality of BayernLB's high-quality public sector cover pool, the cash flow adequacy of the underlying collateral and the -ffentliche Pfandbriefe, as well as adequate levels of overcollateralization. Coupled with protections afforded by German insolvency and banking laws, these elements will allow timely payment of both interest on and principal of the Pfandbriefe as they become due--even in the unlikely event of the bank being unable to meet its obligations. The...
Companies mentioned in this report are: Bayerische Landesbank
Action: New Rating
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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