TEXT-Fitch raises Portigon AG transferred bonds

(The following statement was released by the rating agency)
Sept 20 - Fitch Ratings has upgraded the senior unsecured bonds transferred
by Portigon AG (Portigon) to Erste Abwicklungsanstalt (EAA,
'AAA'/Stable/'F1+') on 17 September 2012 to 'AAA' from 'A+'.

Fitch also affirmed the senior unsecured bonds and market linked notes at 'A+'
and 'A+emr' respectively which have been transferred to Landesbank
Hessen-Thueringen (Helaba, 'A+'/Stable/'F1+') on the same day. The Rating Watch
Positive (RWP) on these debt instruments has been removed. A full list of the
respective debt instruments is at the end of this comment.

Fitch has affirmed Portigon's Debt Issuance Programme at 'A+' and removed the
RWP. Simultaneously the agency has withdrawn the ratings for this programme as
well as the ratings for Portigon's US Commercial Paper Programme and Euro
Commercial Paper Programme of 'F1+' as they are no longer relevant for the bank.
Portigon will not issue any further debt instruments under these programmes. All
of Portigon's other ratings were unaffected.

The spin-off of these debt instruments is in line with Portigon's restructuring
plan in which the disposal of its assets and liabilities was stipulated. On 17
September 2012 Portigon's liabilities were transferred almost entirely to Helaba
and EAA. Only a minor proportion of liabilities remained at Portigon.

EAA is Portigon's federal run-off institution. EAA's ratings reflect NRW's
rating ('AAA'/Stable), based on the statutory loss-absorption obligations of the
former WestLB's owners. These statutory loss obligations are stipulated by the
Law on the Further Development of Financial Market Stability (Gesetz zur
Fortentwicklung der Finanzmarktstabilisierung, GFdFMS) and EAA's statutes.
Helaba's rating of 'A+' is based on the strong integration with the savings
banks in Hessen and Thueringen (S-Verbund HT, 'A+'/Stable/'F1+') which is
emphasised by the mutual support mechanism in the group.

The upgrade to 'AAA' relates to the following bonds spun-off to EAA on 17
September 2012 and rated by Fitch (identified by their ISIN):

DE000WLB43F3
DE000WLB41U6
DE000WLB2889
DE000WLB27H2
DE000WLB2368
DE000WLB37W0
DE000WLB38K3

The affirmation of 'A+emr' and the removal of the RWP relates to the following
market linked notes spun-off to Helaba on 17 September 2012 and rated by Fitch
(identified by their ISIN):

DE000WLB36V4

DE000WLB36Y8

The affirmation and the removal of the RWP relates to the following senior
unsecured bonds spun-off to Helaba on 17 September 2012 and rated by Fitch
(identified by their ISIN):

DE000WLB8EA1
DE000WLB43B2
DE000WLB43G1
DE000WLB43D8
DE000WLB4281
DE000WLB43A4
DE000WLB43E6
DE000WLB43H9
DE000WLB43J5
DE000WLB43Q0
DE000WLB8EJ2
DE000WLB5JA6
DE000WLB4422
DE000WLB4273
DE000WLB44H7
DE000WLB43M9
DE000WLB44L9
DE000WLB4372
DE000WLB5H27
DE000WLB3705
DE000WLB42W0
DE000WLB45N2
DE000WLB6XG2
DE000WLB43P2
DE000WLB24P2
DE000WLB43L1
DE000WLB38A4
DE000WLB45L6
DE000WLB42X8
DE000WLB3846
DE000WLB4299
DE000WLB43S6
DE000WLB43N7
DE000WLB4380
DE000WLB6YH8
DE000WLB45A9
DE000WLB6Y09
DE000WLB6Y17
DE000WLB42V2
DE000WLB42Y6
DE000WLB6UD5
DE000WLB43C0
DE000WLB43R8
DE000WLB45B7
DE000WLB44J3
DE000WLB45M4
DE000WLB43K3

For all of Fitch's Eurozone Crisis commentary go to here

(Caryn Trokie, New York Ratings Unit)