Summary: Landwirtschaftliche Rentenbank Sep 05

Standard & Poors, September 2005

Abstract
Landwirtschaftliche Rentenbank (Rentenbank) is a specialized development bank with a public policy mandate to promote German agriculture (including forestry and fisheries) and rural areas. The credit ratings on Rentenbank are based on the support of the government of the Federal Republic of Germany (AAA/Stable/A-1+) under the legal concept of Anstaltslast (maintenance obligation). This concept obliges the government to secure Rentenbank's economic basis for the complete duration of its existence, and to cover possible financial gaps. Furthermore, the ratings are supported by the bank's low-risk operational strategy, whereby intermediate banks assume credit risk and provide collateral. In addition, Rentenbank has an outstanding track record of loan recovery, a stable financial profile characterized by prudent strategies of comprehensive hedging against currency and...

Companies mentioned in this report are:
- Landwirtschaftliche Rentenbank

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.

- Landwirtschaftliche Rentenbank

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