The rating is supported by the guarantee of the German Federal State of Baden-Württemberg (AAA/Stable) for L-Bank's existing and future obligations with respect to money borrowed, bonds issued, and derivative transactions entered into by the bank.

The extensive guarantee framework of the Free State of Bavaria (AAA/Stable) for LfA’s obligations and the bank’s high strategic importance to the federal state underpin the rating.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

Robust budgetary performance, solid liquidity position and resilient regional economy support the rating. Limited flexibility in revenue and expenditure are constraints.

A moderate and stable government debt, strong government debt profile, and robust growth support the ratings. Institutional, geopolitical and external-sector risk remain credit challenges.

Explicit guarantee, strong integration with the public sponsor and robust standalone fundamentals support the rating. The Outlook revision of Spain’s rating, to which ICO’s ratings are aligned, drives the Outlook change.

The revision of the Outlook to Positive on Spain’s sovereign rating drives the Outlook change for the region.

The issuance ratings are supported by a guarantee from Telemark County Municipality and are therefore aligned with Telemark’s AA+/Stable ratings.

The issuance ratings are supported by a guarantee from Vestfold County Municipality and are therefore aligned with Vestfold’s AA+/Stable ratings.