FRANKFURT (Standard&Poor's) Nov. 27, 2012--Standard&Poor's Ratings Services said today that it had assigned its 'AA+' long-term guaranteed subordinated debt rating to proposed €1 billion in debt due 2022, to be issued by Hypo Alpe-Adria-Bank International AG (not rated) under the Republic of Austria's (AA+/Negative/A-1+) guarantee scheme. The rating solely reflects the unconditional and irrevocable guarantee provided by the Republic of Austria for the payment of scheduled interest and principal on the debt. Based on our review of the form of guarantee, we are of the opinion that it is irrevocable, unconditional, and timely, and that it therefore qualifies for rating substitution treatment (see "Bank Debt Issued Under Austrian Government Guarantee Scheme Expected To Be Rated 'AAA/A-1+',"
