Research Update: Germany's Wirtschafts- Und Infrastrukturbank Hessen Affirmed At 'AA+/A-1+'; Outlook Stable

Wirtschafts- und Infrastrukturbank Hessen (WI Bank) has demonstrated its key economic policy role for the State of Hesse by managing and financing a municipal support program (Hessenkasse), which took over practically all the short-term debt of Hessian municipalities and refinanced it with longer maturities. We see an almost certain likelihood of Hesse providing extraordinary financial support, if needed, to WI Bank, given its critical role as the promotional financing agency for, and its integral link with, the state. We are therefore affirming our long- and short-term issuer credit ratings on WI Bank at 'AA+/A-1+', the same level as those on Hesse. The outlook is stable, reflecting that on Hesse. On Oct. 29, 2019, S&P Global Ratings affirmed its 'AA+/A-1+' long-

...- Wirtschafts- und Infrastrukturbank Hessen (WI Bank) has demonstrated its key economic policy role for the State of Hesse by managing and financing a municipal support program (Hessenkasse), which took over practically all the short-term debt of Hessian municipalities and refinanced it with longer maturities. - We see an almost certain likelihood of Hesse providing extraordinary financial support, if needed, to WI Bank, given its critical role as the promotional financing agency for, and its integral link with, the state. - We are therefore affirming our long- and short-term issuer credit ratings on WI Bank at '##+/A-1+', the same level as those on Hesse. - The outlook is stable, reflecting that on Hesse....

Research Update