WestLB, the German bank battling to restore its financial strength, received a boost on Friday when Standard & Poor's, the ratings agency, upgraded its credit standing following the bank's decision to amass €1bn ($1.2bn) of cash reserves.

S&P, which said it had been talking with WestLB in recent months, said it had upgraded its credit rating to single-A minus from BBB  as a result of the bank's new funds.

Miles Costello

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S&P upgrades WestLB

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