WestLB Reorganises Its Relations with Rating Agencies
In the context of the strategic repositioning of WestLB and the sharp reduction in total assets and refinancing requirements, the Managing Board has reviewed the Bank´s relations with rating agencies Standard & Poor's, Moody’s and DBRS.
The Managing Board has decided to reduce the number of the Bank´s rating agencies from three to two. WestLB will not extend its contract with Standard & Poor’s and will phase out its contract with DBRS. Furthermore, the Bank will renew its rating relationship with Fitch Ratings in order to ensure a rating mix which is commensurate with its business model and regional focus. The reorganisation of its relations with the rating agencies will bring about significant savings in terms of costs and resources.
It goes without saying that WestLB´s creditworthiness will in future continue to be assessed independently by internationally recognised rating agencies.