Wirtschafts- und Infrastrukturbank Hessen

This report does not constitute a rating action. Overview Key strengths Key risks Almost certain likelihood of timely and sufficient extraordinary support from the government of Hesse in the event of financial distress. Complex structure as an institution-within-institution, relying on Helaba's banking license and various support services. Critical public policy role for, and integral link with, the government involving implementing government economic policies. Small and almost no own or separate tangible capital with the Helaba umbrella, fulfilling all capital requirements. Two-fold guarantee mechanism covers liabilities. We also do not expect any change in the guarantee framework of the state against the bank? s liabilities. . Accordingly, we equalize our ratings on WIBank with those on Hesse (AA+/Stable). Future lending activities

...S&P Global Ratings expects Wirtschafts- und Infrastrukturbank Hessen (WIBank) to continue to play a critical public policy role as the state of Hesse's only development bank and dominant economic promotion agency. We also do not expect any change in the guarantee framework of the state against the bank' s liabilities. We base our ratings on WIBank on our opinion of its status as a government-related entity (GRE) for which we assume an almost certain likelihood of extraordinary support from the state of Hesse. Accordingly, we equalize our ratings on WIBank with those on Hesse (##+/Stable). The bank's new business volumes are likely to normalize at about 2 billion in 2024, with the remainder of pandemic-related support measures having been concluded in 2023. Future lending activities will continue to focus on housing and infrastructure segments....

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