Erste Abwicklungsanstalt's (EAA's) portfolio wind-down is continuing at a faster pace than we anticipated. We consider the likelihood of support to EEA from largest stakeholder, the State of North Rhine-Westphalia (NRW), as almost certain. We are affirming our 'AA-/A-1+' long- and short-term credit ratings on EAA. We also removed our unsolicited rating on a bond issued by EEA (ISIN: XS1791593251). The outlook is positive, mirroring that of NRW. On Oct. 17, 2018 S&P Global Ratings affirmed its 'AA-/A-1+' issuer credit ratings on Germany-based wind-down entity Erste Abwicklungsanstalt (EAA). The outlook is positive. Our ratings on EAA are equalized with those on the German state of North Rhine-Westphalia (NRW; AA-/Positive/A-1+), the entity's main stakeholder and support provider. This reflects our opinion
