Fitch affirms Erste Abwicklungsanstalt

Fitch Ratings said it affirmed Erste Abwicklungsanstalt's long-term issuer default rating at AAA with a stable outlook, short-term issuer default rating at F1+ and support rating at 1.

The agency said the ratings are based on a view of an extremely high likelihood of support from the entity's owners, particularly the Federal State of North Rhine-Westphalia (AAA/stable), as well as from the German Federal Agency for Financial Market Stabilisation.

This view is based on the statutory loss-absorption obligations stipulated in Erste Abwicklungsanstalt's statutes enacted on grounds of the Financial Market Stabilisation Fund Act, Fitch said.

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