Research Update: Germany-Based Saechsische Aufbaubank 'AAA/A-1+' Ratings Affirmed And Off Watch; Outlook Stable Jan 12

Standard & Poors, January 2012

Abstract
On Jan. 19, 2012, we affirmed our 'AAA' ratings on the German State of Saxony, which owns Saechsische Aufbaubank (SAB) and guarantees all of SAB's obligations. We are affirming our 'AAA' long-term rating on SAB and removing it from CreditWatch negative. We are also affirming the 'A-1+' short-term rating. We believe there is an "almost certain" likelihood of extraordinary government support for SAB in the event of distress. The stable outlook on SAB reflects that on the State of Saxony. On Jan. 20, 2012, Standard & Poor's Ratings Services affirmed its 'AAA' long-term counterparty credit rating on Germany-based Saechsische Aufbaubank (SAB) and removed it from CreditWatch, where it was placed with negative implications on Dec. 14, 2011. The 'A-1+' short-term...

Companies mentioned in this report are: Saechsische Aufbaubank
Action: Affirmed
Action: Outlook: Negative
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.

Saechsische Aufbaubank

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