Fitch affirms NRW.Bank, Rentenbank

Fitch Ratings said it affirmed NRW.Bank's (AAA/stable) and Landwirtschaftliche Rentenbank's (AAA/stable) guaranteed subordinated debt at AAA.

The banks' subordinated debt ratings are equalized with those of their guarantors.

Rentenbank's continuation as an economic entity is guaranteed by the German state through a maintenance obligation (Anstaltslast). In the agency’s view, the rated subordinated debt is covered by the explicit guarantee from the Federal Republic of Germany (AAA/stable), which came into effect on Jan. 1, 2014 through the CRD IV-Umsetzungsgesetz. Rentenbank focuses its lending on the agriculture and agribusiness sectors in Germany.

NRW.Bank provides funding for economic, social, municipal, infrastructure and housing promotion projects in the State of North Rhine-Westphalia (AAA/stable), which wholly owns the bank and acts as its guarantor. NRW.Bank is also covered by a maintenance obligation from its owner, the State of North Rhine-Westphalia.

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