Following a review of NRW.BANK under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our ratings on NRW.BANK at 'AA-/A-1+'. The outlook is stable. We still consider NRW.BANK to be a government-related entity and that it has a "critical" role for and "integral" link to its owner, the German State of North Rhine-Westphalia. In our view, there is an "almost certain" likelihood that NRW.BANK will receive extraordinary government support in times of stress. The stable outlook on NRW.BANK reflects that on NRW. We believe that North Rhine-Westphalia's guarantees for NRW.BANK and the bank's role and link to the state will be maintained in the foreseeable future. As we previously announced, on Dec. 8, 2011,...
Companies mentioned in this report are:
- North Rhine-Westphalia (State of)
Action: Outlook: Stable
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