Research Update: Germany-Based WIBank 'AA/A-1+' Ratings Affirmed On Critical Role For State of Hesse; Outlook Stable

Wirtschafts- und Infrastrukturbank Hessen (WIBank) acts on Hesse's behalf, implementing the state's housing and economic development policies, so its public policy mandate generally restricts its profitability. Because we see an almost certain likelihood that Hesse will support WIBank if necessary, we equalize our ratings on WIBank with those on Hesse. We are therefore affirming our 'AA/A-1+' ratings on WIBank. The stable outlook on WIBank reflects that on Hesse, indicating that any rating action on Hesse will trigger a similar rating action on WIBank, all other factors remaining unchanged. On Oct. 20, 2015, Standard&Poor's Ratings Services affirmed its 'AA' long-term and 'A-1+' short-term issuer credit ratings on German state development bank Wirtschafts- und Infrastrukturbank Hessen (WIBank). The outlook is

... acts on Hesse's behalf, + implementing the state's housing and economic development policies, so its public policy mandate generally restricts its profitability. Because we see an almost certain likelihood that Hesse will support WIBank if + necessary, we equalize our ratings on WIBank with those on Hesse. We are therefore affirming our '##/A-1+' ratings on WIBank. + The stable outlook on WIBank reflects that on Hesse, indicating that any rating + action on Hesse will trigger a similar rating action on WIBank, all other factors remaining unchanged....

Research Update