Transaction Update: WL BANK AG Westfaelische Landschaft Bodenkreditbank (Oeffentliche Pfandbriefe) Aug 11
Standard & Poors, August 2011
Abstract
This transaction update follows our review of WL BANK AG Westfaelische Landschaft Bodenkreditbank's (WL BANK) public-sector covered bond program. We have affirmed our 'AAA/Stable' credit ratings on these public-sector covered bonds. For this rating affirmation on WL BANK's public-sector covered bonds, we have reviewed the asset and cash flow information provided as of March 31, 2011. Applying our covered bond criteria, the specifics of WL BANK's program potentially allow for a seven-notch elevation, according to step 3 of our criteria (see "Surviving Stress Scenarios: Assessing Asset Quality of Public Sector Covered Bond Collateral," published on Dec. 16, 2009). Reflecting our assessment of the target credit enhancement, in combination with the available credit enhancement, we believe that the cover pool can...
Companies mentioned in this report are: WL BANK AG Westfaelische Landschaft Bodenkreditbank
Action: Affirmed
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: Full Analysis
WL BANK AG Westfaelische Landschaft Bodenkreditbank
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