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S&P upgrades Wirtschafts- und Infrastrukturbank Hessen

S&P Global Ratings on March 6 upgraded German state development bank Wirtschafts- und Infrastrukturbank Hessen's long-term foreign- and local-currency issuer credit rating to AA+ from AA and revised the outlook on the rating to stable from positive.

S&P also affirmed the bank's A-1+ short-term foreign- and local-currency issuer credit rating.

The upgrade of the long-term rating follows the March 2 upgrade of the German state of Hesse's long-term rating to AA+ from AA. S&P equalizes WIBank's ratings with those of Hesse, given that it sees an "almost certain likelihood" of the bank's receiving extraordinary support if needed.

The stable outlook of the bank is likewise based on the outlook on Hesse, according to the rating agency.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.