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S&P revises outlooks on NRW.BANK, Erste Abwicklungsanstalt

S&P Global Ratings on March 19 affirmed the AA-/A-1+ long- and short-term issuer credit ratings of NRW.BANK and Erste Abwicklungsanstalt and revised the outlook on both German entities to positive from stable.

The outlook revision is based on a similar action by S&P on the German state of North Rhine-Westphalia. The agency considers both NRW.BANK and Erste Abwicklungsanstalt to be government-related entities, with an almost certain prospect of receiving timely and sufficient support in times of stress. The positive outlook on both institutions thus reflects S&P's outlook on North Rhine-Westphalia.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.