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Rating Action:

CORRECTION TO TEXT OCTOBER 4TH RELEASE: MOODY'S CONFIRMS LANDESBANK RHEINLAND PFALZ'S Aa1 LONG-TERM RATINGS, CHANGES THEIR OUTLOOK TO POSITIVE AND AFFIRMS LANDESBANK BADEN-WUERTTEMBERG'S Aaa RATINGS

18 Oct 2004
CORRECTION TO TEXT OCTOBER 4TH RELEASE: MOODY'S CONFIRMS LANDESBANK RHEINLAND PFALZ'S Aa1 LONG-TERM RATINGS, CHANGES THEIR OUTLOOK TO POSITIVE AND AFFIRMS LANDESBANK BADEN-WUERTTEMBERG'S Aaa RATINGS

Frankfurt, October 18, 2004 -- Correction to last paragraph, last sentence: Substitute Eur 335,8 billion to Eur 312 billion "Landesbank Baden-Wuerttemberg, headquartered in Stuttgart, posted total consolidated assets of EUR312 billion as at 30 June 2004." revised release follows:

Moody's Investors Service confirmed the Aa1 long-term ratings of Landesbank Rheinland-Pfalz and its subsidiaries (see full list of confirmed ratings below) and affirmed Landesbank Baden-Württemberg's Aaa/P-1/B- ratings after the announcement that Landesbank Rheinland-Pfalz will become a 100% subsidiary of Landesbank Baden-Württemberg as of 1 January 2005. Moody's also changed the outlook to positive from stable for Landesbank Rheinland-Pfalz's Aa1 debt and deposit ratings.

Landesbank Baden-Württemberg's current owners -- the State of Baden-Württemberg (39.5%, rated Aaa), the City of Stuttgart (21%, unrated) and the Association of Savings Banks in Baden Württemberg (39.5%, unrated) -- have approved the parent-subsidiary model. In addition, in July 2004 the savings banks in Rheinland-Pfalz approved the new ownership structure which will indirectly turn them -- through their association -- into new minority shareholders of Landesbank Baden-Württemberg as of 1 January 2005.

According to Moody's, the confirmation of Landesbank Rheinland Pfalz's long-term ratings concludes a review initiated in October 2003 when Moody's reviewed for possible downgrade the long-term ratings of the State of North-Rhine Westphalia (NRW). The ratings of the liabilities of WestLB (rated Aa2/P-1/D-) and its supported subsidiaries are based on two support mechanisms, known as Anstaltslast (a maintenance obligation) and Gewaehrtraegerhaftung (owner's statutory obligation), provided by the State of NRW. Landesbank Rheinland-Pfalz's long-term ratings reflected the material co-ownership by WestLB -- which is expected to end at the beginning of October -- and consequently ultimately the benefit of the indirect guarantee by the Land of NRW, whose ratings were downgraded to Aa2 from Aa1 in March 2004.

Moody's added that Landesbank Rheinland Pfalz will continue to benefit from Anstaltslast and Gewaehrtraegerhaftung from Landesbank Baden-Wuerttemberg but will now be additionally underpinned by the full ownership, strategic commitment and intensified co-operation between both banks. Moody's added that the modest rating distinction between Landesbank Baden-Württemberg and Landesbank Rheinland-Pfalz reflects some level of uncertainty in regard to the timeliness of payments due to the fact that at their high level both ratings are ultimately underpinned by the credit strength of Landesbank Baden-Württemberg's guarantor, the State of Baden-Württemberg (rated Aaa). If support is ever needed for both banks some differentiation in the timeliness of payments cannot be fully excluded, especially as Gewährträgerhaftung (which will be "grandfathered" after July 2005) does not assure timeliness of payment. Following transaction between the two Landesbanken, Moody's will assess the extent to which they will both be on an equal footing in regard to the timeliness of support. If this will be the case the same rating level for both banks could be warranted and that is why Landesbank Rheinland Pfalz's Aa1 debt and deposit ratings have a positive outlook.

In this context, Moody's added that the planned co-operation and stronger integration within Landesbank Baden-Wuerttemberg could have positive connotations for Landesbank Rheinland-Pfalz's C financial strength ratings over the medium term.

With regard to the affirmation of Landesbank Baden-Wuerttemberg's ratings, Moody's noted positively the state of Baden-Wuerttemberg's support for this transaction through the approval from its supervisory board as well as positive public comments.

With regard to the affirmation of Landesbank Baden-Wuerttemberg's B- financial strength rating, Moody's says that this strategic investment would support the bank's business model and that the downside risk is very limited, especially due to the low concentration risks in the combined loan portfolio as well as a strict monitoring of planned synergies and an alignment of risk policies.

Moody's confirmed the following ratings:

- Landesbank Rheinland Pfalz GZ: Aa1 senior unsecured and subordinated debt and long-term deposit and long-term issuer ratings.

- Landesbank Rheinland-Pfalz Finance B.V.: Aa1 senior unsecured debt ratings.

- Landesbank Rheinland-Pfalz International SA: Aa1 senior unsecured debt ratings.

- Landesbank Rheinland-Pfalz GZ, Luxembourg Branch: Aa1 senior unsecured debt ratings.

Headquartered in Mainz, Germany, Landesbank Rheinland-Pfalz recorded total assets of EUR67.5 billion at 30 June 2004. Landesbank Baden-Wuerttemberg, headquartered in Stuttgart, posted total consolidated assets of EUR335,8 billion as at 30 June 2004

London
Samuel S. Theodore
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Frankfurt
Michael Dawson-Kropf
VP - Senior Credit Officer
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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