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:
- NORD/LB Luxembourg S.A. Covered Bond Bank
Action: Outlook: Stable
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Product Type: Research Update
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