NPWLNetwork of Presbyterian Women in Leadership (Louisville, KY)
NPWLNon-Pumping (Static) Water Level
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The stable outlook reflects NPWL's low exposure to South Africa and limited related-party transactions with Nedbank Group, given its funding self-sufficiency; as a result we believe that NPWL is relatively insulated from potential headwinds in the South African economy.
NPWL's adjusted BCA incorporates the standalone BCA of baa3 and a high probability of affiliate support from Nedbank Group.
NPWL's BCA but would not necessarily result in a downgrade of its ratings.
NPWL's standalone BCA by up to two notches could, as a result of uplift
NPWL receives a low probability of government support
The Baa2/P2 long term and short term deposit ratings of NPWL have been
notch of parental support for NPWL. Since Nedbank Limited is the main