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

  • ID: 2029638
  • December 2011
  • Standard & Poors

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

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

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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