TEXT-S&P : Luxembourg BCEE Bank otlk to stbl; 'AA+/A-1+' rtgs afrmd

Wed Jan 16, 2013 5:09am EST

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(The following statement was released by the rating agency)

Jan 16 -

Overview

-- On Jan. 14, 2013, Standard & Poor's affirmed its 'AAA/A-1+' ratings on Luxembourg and revised the outlook to stable from negative.

-- We are therefore affirming our 'AA+/A-1+' ratings on Banque et Caisse d'Epargne de l'Etat, Luxembourg (BCEE) and revising the outlook to stable from negative.

-- The stable outlook mirrors that on Luxembourg, reflecting our view of BCEE as a government-related entity with an "extremely high" likelihood of extraordinary government support if needed, and BCEE's generally sound financial profile.

Rating Action

On Jan. 16, 2013, Standard & Poor's Ratings Services affirmed its 'AA+' long-term and 'A-1+' short-term counterparty credit ratings on Banque et Caisse d'Epargne de l'Etat, Luxembourg (BCEE) and revised the outlook to stable from negative.

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