Austria http://www.alacrastore.com/country-snapshot/Austria Saturday, October 11, 2008 3:17:42 AM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/240172spcred/240172normThe latest News from S&Pglobalstructuredpubfin9/26/2008 2:43:35 AM100News240172AustriaDiversified BanksEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSInternational Public FinanceResidential MBSCollateralized Debt ObligationsNewsFRANKFURT (Standard&Poor's) April 12, 2002--Erste Bank der oesterreichischen Sparkassen AG (Erste Bank) today announced its intention to acquire Rijecka Banka, the third-largest Croatian bank, for €55 million, and a commitment to invest a further €100 million in the bank. Standard&Poor's said that rating implications of the potential acquisition will be assessed in light of Anteilsverwaltungssparkasse's (AVS; not rated) concomitant tender offer for shares in Ceska Sporitelna a.s. (CS; BB+/Stable/B), one of Erste Bank's subsidiaries. AVS owns 41% of Erste Bank's shares. If successful, AVS' tender offer could represent an investment of about €730 million, and Erste Bank is entitled to purchase shares in CS that AVS acquires through its tender offer. Standard&Poor's understands thatAUT296036A19531A19538A1952Q40101010 401010 4010 40Erste Group Bank AG326186EUROMIDAFRUSADESC@AVNEWSDEUCZED0769YD076A0D076A1D07784D0778A072738D07812G0890LU0722A40101010 401010 4010 40Ceska Sporitelna a.s.Bayerische Landesbank104472309826EMERGINGEUROMIDAFRUSALATAMERICAPACBLGZ@GRCESP@CPGLOBISSSTRUCPUBFINCORPFIABCPABSCMBSGOVSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/672058spcred/672058normThe latest Summary from S&Pglobal9/18/2008 1:03:42 PM175Summary672058AustriaIntegrated Telecommunication ServicesEurope, Middle East, AfricaGlobal IssuersCorporationsTelecommunications & CableSummaryThe ratings on Telekom Austria AG reflect the group's leading position in all main segments of the Austrian telecommunications market. They also reflect its solid financial profile, supported by the cash-generative characteristics of its expanding international mobile operations, and its transparent and conservative financial policy. These positive factors are increasingly tempered by market saturation and fierce competition in Austria's fixed-line and mobile telecommunications services sector. As a result, domestic revenues are likely to decline slightly in 2008, while the group's flexibility to cut costs quickly remains limited because of the very high proportion of civil servants employed by its fixed-line operation. In addition, the group has a relatively high proportion of short-term debt. This is mainly due to the acquisitionAUT50101020 501010 5010 50Telekom Austria AG358041EUROMIDAFRTKA@AVSUMMARYGLOBISSCORPTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/670630spcred/670630normThe latest Full Report from S&Pglobal9/11/2008 10:44:06 AM400Full Report670630AustriaMulti-UtilitiesEurope, Middle East, AfricaGlobal IssuersUtilitiesElectricFull ReportStrong business risk profile owing to natural distribution monopolies and leading market position in the supply of electricity, gas, and heat Favorable electricity procurement conditions Modest financial risk profile, including low financial debt burden Subject to continuing regulatory pressure on electricity distribution network tariffs Charges above-average network tariffs Operates in a 100% liberalized electricity and gas market Lack of own low-cost generation facilities The ratings on Austria-based electricity utility Energie Steiermark AG reflect the company's above-average business position, derived from its regional distribution monopolies. They also reflect its leading market positions in the supply of electricity, gas, and heat in the State of Styria (AA+/Stable/A-1+), in Southeastern Austria. The utility has a strong financial profile, including low financial debt andAUT55103010 551030 5510 55Energie Steiermark AG367846EUROMIDAFRESTM@AVFULLGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/670631spcred/670631normThe latest Summary from S&Pglobal9/11/2008 10:44:06 AM175Summary670631AustriaMulti-UtilitiesEurope, Middle East, AfricaGlobal IssuersUtilitiesElectricSummaryThe ratings on Austria-based electricity utility Energie Steiermark AG reflect the company's above-average business position, derived from its regional distribution monopolies. They also reflect its leading market positions in the supply of electricity, gas, and heat in the State of Styria (AA+/Stable/A-1+), in Southeastern Austria. The utility has a strong financial profile, including low financial debt and low-risk long-term electricity procurement arrangements. These strengths are mitigated by continued regulatory pressure on Energie Steiermark's still-above-average network tariffs, which decreased by about 0.7% in 2008, following a marginal increase in 2007. Earnings from Energie Steiermark's low-risk network operations are predicted to decrease moderately over the next two years. The company is the third largest of Austria's nine regional utilities, and is theAUT55103010 551030 5510 55Energie Steiermark AG367846EUROMIDAFRESTM@AVSUMMARYGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/670179spcred/670179normThe latest Summary from S&Pglobal9/9/2008 8:22:34 AM175Summary670179AustriaElectric UtilitiesEurope, Middle East, AfricaGlobal IssuersUtilitiesElectricSummaryThe ratings on Austria-based utility EVN AG reflect the predictable revenues it generates through its stable monopoly network operations, and its strong market position as a supplier of electricity, gas, water, and heat. EVN also has strategic joint ventures with other Austrian utilities and a modest financial risk profile. These strengths are offset by the company's exposure to competition in the liberalized Austrian electricity and gas supply market, short position in power generation, and regulatory pressure on its monopoly network operations. EVN also has an aggressive corporate strategy focused on internal and external growth, particularly in higher-risk Eastern European countries such as Albania, and an increasingly ambitious enlargement target for its generation fleet. EVN is Austria's second-largest regional utility andAUTA1985755101010 551010 5510 55EVN AG128725EUROMIDAFREVNE@AVSUMMARYGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/667118spcred/667118normThe latest Full Report from S&Pglobal8/25/2008 12:52:39 PM400Full Report667118AustriaIndustrial MachineryEurope, Middle East, AfricaGlobal IssuersUtilitiesElectricFull ReportDistribution monopolies and strong market position Flexible and low-cost generation portfolio Modest financial risk profile Moderate exposure to regulatory pressure Increasing electricity supply competition Exposure to volatile hydro-levels Short in generation Increasing exposure to energy trading Likely pressure on financial risk profile due to large-scale investment plan The ratings on Austria-based utility KELAG AG reflect the company's satisfactory business risk profile, owing to its favorable low-cost hydro-based generation facilities; natural monopoly on regulated regional electricity, heat and gas distribution; dominant position in electricity supply in the Austrian State of Carinthia; and modest financial risk profile. These strengths are offset by the fully liberalized energy market, the company's relatively small size, short-term maturity profile, exposure to volatile electricity prices, and itsAUT20106020 201060 2010 20KELAG AG338325EUROMIDAFR1179Z@AVFULLGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/667129spcred/667129normThe latest Summary from S&Pglobal8/25/2008 12:52:39 PM175Summary667129AustriaIndustrial MachineryEurope, Middle East, AfricaGlobal IssuersUtilitiesElectricSummaryThe ratings on Austria-based utility KELAG AG reflect the company's satisfactory business risk profile, owing to its favorable low-cost hydro-based generation facilities; natural monopoly on regulated regional electricity, heat and gas distribution; dominant position in electricity supply in the Austrian State of Carinthia; and modest financial risk profile. These strengths are offset by the fully liberalized energy market, the company's relatively small size, short-term maturity profile, exposure to volatile electricity prices, and its intention to implement a more aggressive medium- to long-term expansion strategy. KELAG is a vertically integrated utility that supplies and distributes electricity, gas, and heat. About 87% of its 2007 turnover came from the electricity sector and 13% from the heat and gas business. The company's hydro-powerAUT20106020 201060 2010 20KELAG AG338325EUROMIDAFR1179Z@AVSUMMARYGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/667079spcred/667079normglobal8/25/2008 10:22:40 AM100News667079AustriaMulti-UtilitiesEurope, Middle East, AfricaGlobal IssuersUtilitiesElectricNewsFRANKFURT (Standard&Poor's) Aug. 25, 2008--Standard&Poor's Ratings Services said today that it had revised its outlook on Austrian electricity utility Energie Steiermark AG to stable from positive. At the same time, the 'A' long-term corporate credit rating on the company was affirmed. "The outlook revision reflects Energie Steiermark's comprehensive investment program and increased acquisition risk," said Standard&Poor's credit analyst Ralf Etzelmueller. The rating reflects the company's above-average business position, derived from its regional distribution monopolies. It also reflects Energie Steiermark's leading market positions in the supply of electricity, gas, and heat in the State of Styria (AA+/Stable/A-1+), in southeastern Austria. The utility has a strong financial profile, including low financial debt and low-risk long-term electricityAUT55103010 551030 5510 55Energie Steiermark AG367846EUROMIDAFRESTM@AVNEWSGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/667080spcred/667080normglobal8/25/2008 10:22:40 AM175Research Update667080AustriaMulti-UtilitiesEurope, Middle East, AfricaGlobal IssuersUtilitiesElectricResearch UpdateOn Aug. 25, 2008, Standard&Poor's Ratings Services revised its outlook on Austrian electricity utility Energie Steiermark AG to stable from positive, reflecting the company's comprehensive investment program and increased acquisition risk. At the same time, the 'A' long-term corporate credit rating on the company was affirmed. The rating reflects the company's above-average business position, derived from its regional distribution monopolies. It also reflects Energie Steiermark's leading market positions in the supply of electricity, gas, and heat in the State of Styria (AA+/Stable/A-1+), in southeastern Austria. The utility has a strong financial profile, including low financial debt and low-risk long-term electricity procurement arrangements. These strengths are mitigated by continued regulatory pressure on Energie Steiermark's still-above-average network tariffs, which decreasedAUT55103010 551030 5510 55Energie Steiermark AG367846EUROMIDAFRESTM@AVRESUPDGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/665515spcred/665515normThe latest Full Report from S&Pglobalstructured8/15/2008 3:49:00 PM400Full Report665515AustriaEurope, Middle East, AfricaGlobal IssuersStructured FinanceInsuranceAsset-Backed SecuritiesCommercial MBSFull ReportAustria is a core market for the Generali group Strongly improved operating performance Strong capitalization and moderate debt levels Strong liquidity Earnings concentration in the domestic market Liquidity dependent on operating subsidiaries The counterparty credit and insurer financial strength ratings on Austria-based Generali Holding Vienna AG (GHV) reflect the company's role as intermediate holding company of the Italy-based Generali insurance group (Generali; core operating companies rated AA/Stable/--) and as internal reinsurer for the group's Austrian businesses. The ratings primarily reflect the financial strength of Generali Versicherung AG, Generali's core operating entity in Austria. They also reflect the Austrian subgroup's strongly improved operating performance, strong capitalization and liquidity, and moderate debt levels. These strengths are partly offset by GHV's focus onAUTGenerali Holding Vienna AG313882EUROMIDAFREAGE@AVFULLITA04542940301030 403010 4030 40Assicurazioni Generali SpA118683USAEUROMIDAFRASIA1032Z@ITGLOBISSSTRUCINSABSCMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/665516spcred/665516normThe latest Summary from S&Pglobalstructured8/15/2008 3:49:00 PM175Summary665516AustriaEurope, Middle East, AfricaGlobal IssuersStructured FinanceInsuranceAsset-Backed SecuritiesCommercial MBSSummaryThe counterparty credit and insurer financial strength ratings on Austria-based Generali Holding Vienna AG (GHV) reflect the company's role as intermediate holding company of the Italy-based Generali insurance group (Generali; core operating companies rated AA/Stable/--) and as internal reinsurer for the group's Austrian businesses. The ratings primarily reflect the financial strength of Generali Versicherung AG, Generali's core operating entity in Austria. They also reflect the Austrian subgroup's strongly improved operating performance, strong capitalization and liquidity, and moderate debt levels. These strengths are partly offset by GHV's focus on the domestic market and its reliance on operating subsidiaries to meet liquidity needs. Standard&Poor's Ratings Services maintains a two-notch ratings differential between GHV and Generali's overall financial strength. This reflectsAUTGenerali Holding Vienna AG313882EUROMIDAFREAGE@AVSUMMARYITA04542940301030 403010 4030 40Assicurazioni Generali SpA118683ASIAEUROMIDAFRUSA1032Z@ITGLOBISSSTRUCINSABSCMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/665300spcred/665300normThe latest Full Report from S&Pglobal8/14/2008 2:51:50 PM400Full Report665300AustriaEurope, Middle East, AfricaGlobal IssuersFinancial InstitutionsInternational Public FinanceFull ReportStable Austrian fiscal equalization scheme and institutional stability Sound budgetary performance Above-national-average economic figures Low debt burden Low revenue-raising flexibility 100% state-owned Hypo Tirol Bank AG constitutes a large contingent liability for the state The ratings on the Austrian State of Tyrol are supported by the country's stable fiscal equalization scheme and institutional stability. The ratings reflect the state's sound fiscal performance, low debt burden, and slightly above-average economic performance. These positive rating factors are mitigated by Tyrol's limited revenue flexibility and a large contingent liability from state-owned bank Hypo Tirol Bank AG (not rated). The ratings on Tyrol reflect its solid financial track record. For years, the state has achieved operating surpluses and in most years has balanced itsAUTTyrol (State of)334046EUROMIDAFR1146Z@AVFULLGLOBISSFIGOVSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/665305spcred/665305normThe latest Summary from S&Pglobal8/14/2008 2:51:50 PM175Summary665305AustriaEurope, Middle East, AfricaGlobal IssuersFinancial InstitutionsInternational Public FinanceSummaryThe ratings on the Austrian State of Tyrol are supported by the country's stable fiscal equalization scheme and institutional stability. The ratings reflect the state's sound fiscal performance, low debt burden, and slightly above-average economic performance. These positive rating factors are mitigated by Tyrol's limited revenue flexibility and a large contingent liability from state-owned bank Hypo Tirol Bank AG (not rated). The ratings on Tyrol reflect its solid financial track record. For years, the state has achieved operating surpluses and in most years has balanced its budget after capital expenditures. In 2007, the state reached an adjusted operating surplus of 11.4% of operating revenues and an adjusted surplus after capital expenditures of 1.0% of total revenues, which was well aboveAUTTyrol (State of)334046EUROMIDAFR1146Z@AVSUMMARYGLOBISSFIGOVSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/664379spcred/664379normThe latest Summary from S&Pglobal8/11/2008 1:41:55 PM175Summary664379AustriaDiversified BanksEurope, Middle East, AfricaUnited StatesGlobal IssuersFinancial InstitutionsSummaryThe ratings on Erste Group Bank AG (Erste Bank; formerly Erste Bank der oesterreichischen Sparkassen AG) are based on the bank's prominent market position in Austria and several countries in Central and Eastern Europe (CEE) and the continued profitability improvements in large parts of the group. The ratings also reflect Standard&Poor's Ratings Services view of Erste Bank and the Austrian savings banks as a single economic group, despite the new group structure, which was formalized on Aug. 10, 2008, and resulted in the spin-off of its Austrian business into a wholly owned subsidiary. The holding company will retain its own banking activities, mainly treasury, corporate finance, and investment banking. These organizational changes are intended to increase the group'sAUTA19538296036A19531A1952Q40101010 401010 4010 40Erste Group Bank AG326186EUROMIDAFRUSADESC@AVSUMMARYGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/663841spcred/663841normThe latest Summary from S&Pglobal8/7/2008 10:52:32 AM175Summary663841AustriaIndustrial MachineryEurope, Middle East, AfricaGlobal IssuersUtilitiesElectricSummaryThe ratings on Austria-based utility KELAG AG reflect the company's satisfactory business risk profile, owing to its favorable low-cost hydrobased generation fleet; its natural monopoly on regulated regional electricity, heat and gas distribution; dominant position in electricity supply in the Austrian State of Carinthia; and modest financial risk profile. These strengths are offset by the fully liberalized energy market, the company's relatively small size, short-term maturity profile, exposure to volatile electricity prices, and its intention to implement a more aggressive medium- to long-term expansion strategy. KELAG is a vertically integrated utility that supplies and distributes electricity, gas, and heat. About 87% of its 2007 turnover came from the electricity sector and 13% from the heat and gas business. The company'sAUT20106020 201060 2010 20KELAG AG338325EUROMIDAFR1179Z@AVSUMMARYGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/538037spcred/538037normThe latest Research Update from S&Pglobalstructuredpubfin8/1/2008 3:05:00 AM175Research Update538037AustriaLife & Health InsuranceEurope, Middle East, AfricaGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsInsuranceAsset-Backed Commercial PaperAsset-Backed SecuritiesCollateralized Debt ObligationsCommercial MBSResidential MBSResearch UpdateOn Oct. 11, 2006, Standard&Poor's Ratings Services assigned its 'A-' counterparty credit and insurer financial strength ratings to Austria-based life insurer UNION Versicherungs-AG (Union). The outlook is stable. The rating and outlook reflect Union's strong operating performance and strong capitalization. In addition, the rating is supported by Union's wide operational integration into Wiener Städtische Versicherung AG Vienna Insurance Group (VIG; A+/Stable/--). These strengths are partially offset by its reliance on a single dominant distribution link and moderate quality of capital. Major ratings factors: Union benefits from strong operating performance. Union produces very strong new business profitability, with a 6.8% present value of new business premiums margin. This is mainly driven by endowment, unit-linked, and term products. The scaleAUT40301020 403010 4030 40UNION Versicherungs-AG407046EUROMIDAFRRESUPDAUTITADEUA5809YT9517UT95189T9518BT9517RT9518RT9518YT951AB060587A97947T951ATT951CK90466RT9513RT95180T9519G40301020 403010 4030 4040101010 401010 4010 40UniCredit SpABank Austria Creditanstalt AGWiener Staedtische Versicherung AG Vienna Insurance GroupERGO Versicherungsgruppe AG110053111914314510350102ASIALATAMERICAEUROMIDAFREMERGINGUSAUC@IMBACA@AVWSV@AVEVG2@GRGLOBISSSTRUCPUBFINFIINSABCPABSCDOCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661521spcred/661521normThe latest Summary from S&Pglobal7/25/2008 8:21:15 AM175Summary661521AustriaMulti-UtilitiesEurope, Middle East, AfricaGlobal IssuersUtilitiesElectricSummaryThe ratings on Energie AG Oberoesterreich reflect the company's regional electricity distribution monopoly, its strong position as the leading utility in the prosperous State of Upper Austria (AAA/Stable/A-1+), and its modest financial risk profile. These credit strengths are offset by the company's generally more aggressive expansion strategy and its announced long-term investment strategy in thermal generation facilities, ongoing regulatory pressure on Energie AG's electricity distribution network tariffs, and intensified competition after Austrian Verbundgesellschaft (Oesterreichische Elektrizitaetswirtschafts Aktiengesellschaft) (Verbund; A/Stable/--) successfully entered the electricity retail market. Energie AG is among Austria's five largest utilities, serving about 440,000 customer accounts in Upper Austria, its traditional service territory. The company's main activities are generation, distribution, and supply of electricity, which comprised 75% of revenuesAUT55103010 551030 5510 55Energie AG Oberoesterreich331095EUROMIDAFR1007Z@AVSUMMARYGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661302spcred/661302normThe latest News from S&Pglobal7/24/2008 3:34:30 PM100News661302AustriaBuilding ProductsEurope, Middle East, AfricaGlobal IssuersFinancial InstitutionsCorporationsRetailBuilding MaterialsNewsPARIS (Standard&Poor's) July 24, 2008--Standard&Poor's Ratings Services said today that it revised its outlook on Austria-based brick manufacturer Wienerberger AG to negative. At the same time, we lowered the short-term corporate credit rating on the group to 'A-3' from 'A-2'. The 'BBB' long-term rating was affirmed. "The outlook revision and subsequent action on the short term rating reflects Wienberberger's sharp cut in its earnings guidance and its unexpected indication of a likely 10% decline in EBITDA in the first-half of 2008," said Standard&Poor's credit analyst Xavier Buffon. With sales of about €2.5 billion in the year ended Dec. 31, 2007, Wienerberger is the world's largest manufacturer of bricks and Europe's second-largest manufacturer of clayAUT20102010 201020 2010 20Wienerberger AG369971EUROMIDAFRWIE@AVNEWSGLOBISSFICORPRetailBuildingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661303spcred/661303normThe latest Research Update from S&Pglobal7/24/2008 3:34:00 PM175Research Update661303AustriaBuilding ProductsEurope, Middle East, AfricaGlobal IssuersFinancial InstitutionsCorporationsRetailBuilding MaterialsResearch UpdateOn July 24, 2008, Standard&Poor's Ratings Services revised its outlook on Austria-based brick manufacturer Wienerberger AG to negative. At the same time, we lowered the short-term corporate credit rating on the group to 'A-3' from 'A-2'. The 'BBB' long-term rating was affirmed. The outlook revision and subsequent action on the short term rating reflects Wienberberger's sharp cut in its earnings guidance and its unexpected indication of a likely 10% decline in EBITDA in the first-half of 2008. With sales of about €2.5 billion in the year ended Dec. 31, 2007, Wienerberger is the world's largest manufacturer of bricks and Europe's second-largest manufacturer of clay roof tiles. The ratings continue to reflect the group's satisfactory business risk profile inAUT20102010 201020 2010 20Wienerberger AG369971EUROMIDAFRWIE@AVRESUPDAUTWienerberger Finance Service GmbH396619EUROMIDAFRGLOBISSFICORPRetailBuildingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/575289spcred/575289normThe latest Full Report from S&Pglobalpubfinstructured7/8/2008 2:57:00 AM400Full Report575289AustriaDiversified BanksEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersPublic FinanceStructured FinanceFinancial InstitutionsCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperCommercial MBSResidential MBSInternational Public FinanceFull ReportCore member of the Unicredito group Leading institution and sound franchise in Austria Diversified network in Central and Eastern Europe (CEE) Steadily improving financial profile Highly competitive and saturated Austrian home market Unsatisfactory results from domestic retail and SME business Latent credit risk from domestic concentration risk and rapid credit growth in untested CEE markets Growing margin pressure in CEE countries The counterparty credit ratings on Bank Austria Creditanstalt AG (BA) reflect its group status as a core subsidiary of its 96.35% owner UniCredito Italiano SpA (A+/Stable/A-1) due to the strategically important role it plays to further develop business in the fast-growing CEE region and to a lesser degree its role in Austria. Furthermore, since its acquisition in 2000 byAUT060587A97947A5809Y40101010 401010 4010 40Bank Austria Creditanstalt AG111914EMERGINGEUROMIDAFRLATAMERICAUSABACA@AVFULLPOLHRVDEUITAAUTLUXBGRD0816CD0816DD4949YT9517RT951AT926614D0756DD0807YD0816HD494A0D8491TT951CK90466RD0816BD0816ET9517UT95180T95189T9518BT9518RT9519GT951AB0727C00727C1988849D08082T9513RT9518Y40101010 401010 4010 4040201040 402010 4020 40UniCredit SpAVienna (City of)Zagrebacka banka ddBank Polska Kasa Opieki S.A.Bayerische Hypo- und Vereinsbank AGUniCredit Bulbank A.D.Locat SpAHVB Banque Luxembourg S.A.UniCredit Corporate Banking SpA110053112635316244319197327063338349354031361831374476LATAMERICAASIAEMERGINGEUROMIDAFRUSAPACUC@IM3413Z@AVZABARA@CZPEO@PWHVM@GR1007Z@BULO@IM285763Z@IMGLOBISSPUBFINSTRUCFICORPABSCDOABCPCMBSRMBSGOVSCredit & Investment ResearchS&P Credit Research