Germany-Based Wuestenrot Bausparkasse's Subordinated Debt Assigned 'BBB' Rating

FRANKFURT (S&P Global Ratings) Oct. 27, 2017-- S&P Global Ratings said today that it had assigned its 'BBB' long-term issue rating to the €58 million subordinated debt Tier 2 notes issued by Wuestenrot Bausparkasse AG (A-/Stable/A-1). The issue rating reflects our analysis of the instrument and our assessment of Wuestenrot Bausparkasse's creditworthiness (see "Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions," published Jan. 29, 2015, on RatingsDirect). We consider Wuestenrot Bausparkasse a core subsidiary of the Wuestenrot&Wuerttembergische AG (W&W AG) and therefore equalize our long-term issuer credit rating (ICR) on Wuestenrot Bausparkasse with the group's core operating entities, which we assess at 'a-'. Given Wuestenrot Bausparkasse's core group status, we rate the notes by notching down

...FRANKFURT (S&P Global Ratings) Oct. 27, 2017-- S&P Global Ratings said today that it had assigned its '###' long-term issue rating to the 58 million subordinated debt Tier 2 notes issued by Wuestenrot Bausparkasse AG (A-/Stable/A-1). The issue rating reflects our analysis of the instrument and our assessment of Wuestenrot Bausparkasse's creditworthiness (see "Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions," published Jan. 29, 2015, on RatingsDirect). We consider Wuestenrot Bausparkasse a core subsidiary of the Wuestenrot & Wuerttembergische AG (W&W AG) and therefore equalize our long-term issuer credit rating (ICR) on Wuestenrot Bausparkasse with the group's core operating entities, which we assess at 'a-'. Given Wuestenrot Bausparkasse's core group status, we rate the notes by notching down from our 'A-' ICR on Wuestenrot Bausparkasse, because we believe that support from W&W AG will flow to these hybrid capital instruments. The '###' issue rating is...

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