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Ratings Lowered On Westdeutsche ImmobilienBank's Mortgage And Public-Sector Covered Bonds; Outlook Negative Dec 11 Product Image

Ratings Lowered On Westdeutsche ImmobilienBank's Mortgage And Public-Sector Covered Bonds; Outlook Negative Dec 11

  • ID: 2034490
  • December 2011
  • Standard & Poors

Abstract
OVERVIEW On Dec. 8, 2011, we lowered our long-term counterparty rating on Westdeutsche ImmobilienBank to 'BBB-' from 'BBB+' and the outlook remains negative. We have subsequently lowered to 'AA' from 'AAA' our ratings on Westdeutsche ImmobilienBank's mortgage and public-sector covered bonds. Westdeutsche ImmobilienBank's mortgage and public-sector covered bond ratings benefit from the maximum elevation possible above our long-term rating on the issuer under our rating approach. Additionally, we have assigned a negative outlook to Westdeutsche ImmobilienBank's mortgage and public sector covered bonds. Our ratings are based on our criteria for rating covered bonds. However, certain aspects of the methodologies and assumptions underlying these criteria are under review. As a result of this review, our future methodologies and assumptions applied to...

Companies mentioned in this report are:
- Westdeutsche ImmobilienBank

Action: Downgraded

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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