pdf, 1996K - WestLB

Ratings of Instruments:
Listing and Admission to
Trading:
Unsubordinated Notes and Subordinated Notes to be issued under the Programme
have, unless otherwise specified in the relevant Final Terms, been rated (in the
case of Unsubordinated Notes) A1 and (in the case of Subordinated Notes) A2 by
Moody's Investors Service Limited (Moody's). Unsubordinated Notes have been
rated A– and Subordinated Notes have been rated BBB+ by Standard & Poor's
Ratings Services, a division of The McGraw-Hill Companies, Inc. (Standard &
Poor's). At the date of this DIP Prospectus, Pfandbriefe have not been rated.
Obligations rated A by Moody's are considered upper-medium grade and are
subject to low credit risk. Moody's appends numerical modifiers 1, 2 and 3 to
each generic rating classification from Aa through Caa. The modifier 1 indicates
that the obligation ranks in the higher end of its generic rating category; the
modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking
in the lower end of that generic rating category. Moody's long-term obligation
ratings are opinions of the relative credit risk of fixed-income obligations with an
original maturity of one year or more. They address the possibility that a financial
obligation will not be honoured as promised. Such ratings reflect both the
likelihood of default and any financial loss suffered in the event of default.
Obligations rated A– by Standard & Poor's are somewhat more susceptible to the
adverse effects of changes in circumstances and economic conditions than
obligations in higher rated categories. However, the obligor's capacity to meet its
financial commitment on the obligation is still strong.
Obligations rated BBB+ by Standard & Poor's exhibit adequate protection
parameters. However, adverse economic conditions or changing circumstances
are more likely to lead to a weekened capacity of the obligor to meet its financial
commitment on the obligation.
Standard & Poor's ratings from AA to CCC may be modified by the addition of a
plus or a minus sign to show relative standing within the major rating categories.
Instruments issued under the Programme may be rated or unrated. Where a
Tranche of Instruments is rated, such rating will not necessarily be the same as
the rating assigned to the Unsubordinated Notes and the Subordinated Notes to be
issued under the Programme.
A security rating is not a recommendation to buy, sell or hold securities and may
be subject to suspension, reduction or withdrawal at any time by the assigning
rating agency.
Application has been made by the Issuer to the Commission de Surveillance du
Secteur Financier (the CSSF) in its capacity as competent authority under the
Luxembourg Law on Prospectuses for Securities (loi relative aux prospectus pour
valeurs mobilières; the Prospectus Act) in Luxembourg for the approval of this
DIP Prospectus pursuant to Article 7.1 of the Prospectus Act, which requires (i)
the scrutiny by the CSSF of the completeness of the DIP Prospectus including the
consistency of the information given and its comprehensibility (Article 7.1 of the
Prospectus Act in connection with Article 2.1 (a) of the Prospectus Act), and (ii)
the publication of the DIP Prospectus pursuant to Article 16 of the Prospectus
Act.
Further application will be made by the Issuer to the Luxembourg Stock
Exchange for Instruments (other than Registered Notes or Pfandbriefe in
registered form) to be issued under the Programme to be admitted to trading on
the regulated market of the Luxembourg Stock Exchange and to be listed on the
Luxembourg Stock Exchange.
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