The rating affirmation of the Aa1 long-term and P-1 short-term ratings reflects the fact that there is no change in (i) the financial strength of the bank‘s guarantors, one of which is Land of Nordrhein-Westfalen (NRW, Aa1 stable); (ii) the legal support mechanisms of Anstaltslast and Gewährträgerhaftung; and (iii) the explicit guarantee issued by the state of NRW.
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Moody‘s understands that a significant portion of NRW.BANK‘s reported on balance sheet exposures of EUR20.8 billion to euro area countries and the EUR22 billion in credit default swaps (CDS) are related to countries which experienced a recent deterioration in their credit profiles.