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      Instrument data
      Issuer
      NRW BANK
      Senority
      Senior Unsecured
      Currency
      EUR
      ISIN
      DE000NWB2LY7
      Coupon percent
      0.2%
      Coupon type
      Variable: Step Up/Step Down
      Instrument volume
      20,000,000
      Maturity date
      21/01/2032
      -
      AAA Outlook: Stable
      AAA Outlook: Stable
      Latest change
      Affirmed
      19/01/2026
      General information
      Rating
      Public
      Solicited
      With issuer participation
      UK endorsed
      EU Rated
      Julian Zimmermann Lead analyst
      Alvise Lennkh-Yunus Committee chair
      Scope affirms and publishes NRW.BANK’s AAA credit rating with Stable Outlook

      19/1/2026 Rating announcement EN

      Scope affirms and publishes NRW.BANK’s AAA credit rating with Stable Outlook

      The rating is equalised with the Federal State of North Rhine-Westphalia’s due to the explicit refinancing guarantee the state provides to NRW.BANK. Further, NRW.BANK benefits from a mature legal setup, high strategic importance and strong fundamentals.

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