Summary: Westfaelische Landschaft Bodenkreditbank AG Aug 02

Standard & Poors, August 2002

Abstract
The ratings on WL-Bank follow Standard & Poor's review of the German cooperative banking sector that is driven by further weakened core profitability as a result of persisting margin pressure and insufficient efficiency improvements despite the ongoing consolidation process. The ratings also take into account DZ Bank Deutsche Zentral-Genossenschaftsbank AG's (DZ Bank; A-/Negative/A-2) deteriorating business profile. The ratings on WL-Bank reflect its status as one of the four mortgage banks in the cooperative sector, its integration within the sector, and its inclusion in the sector's comprehensive protection scheme. However, the ratings on WL-Bank also reflect its strong asset quality, favorable credit-loss record, low profitability levels, and adequate capitalization. The ratings on WL-Bank's Hypotheken and -ffentliche Pfandbriefe mainly reflect the amount...

Companies mentioned in this report are: WL BANK AG Westfaelische Landschaft Bodenkreditbank
Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

WL BANK AG Westfaelische Landschaft Bodenkreditbank

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