The ratings on Banque et Caisse d'Epargne de l'Etat, Luxembourg (BCEE) are supported by its full ownership by the Grand Duchy of Luxembourg (AAA/Stable/A-1+), and its public mission role to contribute to the country's economic and social development. The ratings also reflect the bank's predominant position in the domestic retail market, as well as its satisfactory profitability, good asset quality, and sound capital adequacy. Wholly owned by the Grand Duchy of Luxembourg, BCEE is a public-sector institution created by law in 1856. The bank retains a public mission role to promote all forms of savings, and to generally contribute to Luxembourg's social and economic development. As a universal bank, BCEE commands a leading share of Luxembourg's retail loan market, granting
