Research Update: Germany-Based NRW.BANK 'AA-/A-1+' Ratings Affirmed On Bank Criteria Change; Outlook Stable Dec 11

  • ID: 2029231
  • December 2011
  • Standard & Poors
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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: Affirmed
Action: Outlook: Stable

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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- North Rhine-Westphalia (State of)

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