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S&P upgrades Germany-based NRW.BANK, Erste Abwicklungsanstalt

S&P Global Ratings on Sept. 16 raised the long-term issuer credit and senior unsecured ratings of NRW.BANK and Erste Abwicklungsanstalt to AA from AA- and revised the outlook on the issuer credit ratings to stable from positive.

The upgrade comes after a similar action on the State of North Rhine-Westphalia, which controls the banks. S&P Global Ratings said the firms benefit from an almost-certain likelihood of support from the state in case of need. The state is also expected to maintain its guarantees, with NRW.BANK likely to maintain its status as a government-related entity in the foreseeable future.

The agency also affirmed the German banks' short-term issuer credit ratings at A-1+.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.