Landesbanks expect rating drop


Standard & Poor’s last month stated it would not expect unguaranteed ratings of Landesbanks to remain in the double-A category, a view shared by analysts.

“The maintenance of obligation and statutory guarantee will be maintained until July 18, 2005,” says Michael Zlotnik of S&P’s financial services group in Frankfurt, “enabling Landesbanks to issue guaranteed debt until then, which gives the Landesbanks crucial time to adapt to a new environment.”

Change is necessary, say analysts

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