This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Membership of the Wuestenrot&Wuerttembergische AG (W&W) bancassurance group provides stability. Core products subject to intense competition and narrow margins. Strong stand-alone capitalization and good asset quality. Bauspar product is sensitive to interest rate curves. Very granular and stable retail funding base with solid liquidity metrics. Comparatively low profitability and cost efficiency. The stable outlook mirrors that on its parent, W&W, as well as S&P Global Ratings'expectation that it will remain a core group member of the W&W group. The stable outlook on W&W is underpinned by its recovered and historically
