Summary: Landwirtschaftliche Rentenbank Oct 09

Standard & Poors, October 2009

Abstract
Our issuer credit ratings on Landwirtschaftliche Rentenbank (AAA/Stable/A-1+; Rentenbank) are primarily based on the expected extraordinary support of the government of the Federal Republic of Germany (AAA/Stable/A-1+) under the legal concept of "Anstaltslast" (maintenance obligation). "Anstaltslast" means that the government is obliged to secure Rentenbank's economic basis for the duration of its existence, providing support when necessary. Although the government is not its legal owner, we believe that Rentenbank plays a critical public policy role. This includes promoting Germany's rural areas and contributing to ensure the constitutional mandate of equal living opportunities across the territory of the Federal Republic. We furthermore believe that there is an integral link between Rentenbank and the government, as the latter not only supervises Rentenbank...

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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