Research Update: Norddeutsche Landesbank Unsolicited Long-Term Rating Lowered To 'BBB+' On Bank Criteria Change; Outlook Stable Dec 11

Standard & Poors, December 2011

Abstract
Following a review under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have lowered our unsolicited long-term issuer credit ratings on Norddeutsche Landesbank Girozentrale (NORD/LB) and its core operating subsidiary Norddeutsche Landesbank Luxembourg S.A. (NORD/LB Lux) to 'BBB+'and affirmed the 'A-2' short-term ratings. The outlook is stable. We also lowered our solicited long-term counterparty credit rating on NORD/LB Lux's subsidiary NORD/LB COVERED FINANCE BANK S.A. (NCFB) to 'BBB+' from 'A-'. The 'A-2' short-term rating was affirmed. The outlook is stable. Our ratings on NORD/LB reflect its moderate business position, moderate capital and earnings, moderate risk position, average funding, and adequate liquidity. The ratings on NORD/LB benefit from two notches of uplift from the stand-alone credit profile...

Companies mentioned in this report are: Norddeutsche Landesbank Girozentrale (Unsolicited Ratings),Norddeutsche Landesbank Luxembourg S.A. (Unsolicited Ratings),NORD/LB COVERED FINANCE BANK S.A.
Action: Affirmed
Action: Downgraded
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.

Norddeutsche Landesbank Girozentrale (Unsolicited Ratings),Norddeutsche Landesbank Luxembourg S.A. (Unsolicited Ratings),NORD/LB COVERED FINANCE BANK S.A.

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