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Summary: NRW.BANK Feb 11
Standard & Poors, February 2011
The ratings on Germany-based NRW.BANK are based on an equalization with the ratings on the bank's majority stakeholder, the State of North Rhine-Westphalia (NRW; AA-/Stable/A-1+), reflecting Standard & Poor's Ratings Services' opinion that there is an "almost certain" likelihood that NRW would provide timely and sufficient extraordinary support to NRW.BANK in the event of financial distress. In accordance with our criteria for government-related entities (GREs), our rating approach is based on our view of NRW.BANK's: "Critical" role as the state's development bank and in public policy activities; and "Integral" link with the government because it essentially acts as an arm of the state. Our assessment of the ratings also reflect the continued explicit support the bank receives from NRW, notably,...
Companies mentioned in this report are: NRW.BANK
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