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Bayerische Landesbank's Unguaranteed Obligations Jul 04
Standard & Poors, July 2004
Abstract
Counterparty credit ratings: AAA/Negative/A-1+ Long-term senior unsecured guaranteed rating: AAA Long-term senior unsecured unguaranteed rating: A- The long-term rating on Bayerische Landesbank's (BayernLB) senior unsecured unguaranteed obligations are based on implicit ownership support from the State of Bavaria, and Standard & Poor's expectation that BayernLB's strategic reorientation and restructuring efforts will further progress successfully. The ratings on BayernLB are constrained by: its weak--albeit improving--financial profile, which compares unfavorably with higher rated peers; the remaining concentration risk in its primarily wholesale-oriented loan portfolio exposing the bank to a higher level of volatility; moderate revenue diversification, profitability levels, and capitalization; and its reliance on low-cost wholesale funding sources. Standard & Poor's believes that the State of Bavaria will remain committed to BayernLB...
Companies mentioned in this report are: Bayerische Landesbank
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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