FRANKFURT (Standard&Poor's) Feb. 7, 2006--Standard&Poor's Ratings Services said today it withdrew its 'AAA' long-term and 'A-1+' short-term counterparty credit ratings on Austria-based Vorarlberger Landes- und Hypothekenbank AG (Hypo Vorarlberg) at the bank's request, as well as the ratings on the bank's issuance programs, and the 'AAA' ratings on guaranteed senior unsecured debt. The ratings on Hypo Vorarlberg were based on the grandfathered deficiency guarantee (Ausfallbürgschaft) from its majority owner, the Austrian State of Vorarlberg (AAA/Stable/A-1+). Hypo Vorarlberg will lose its state guarantee following an agreement between the European Commission and Austrian authorities to phase out state guarantees in favor of some Austrian banks, including Hypo Vorarlberg, by April 1, 2007. Similar to the abolition of state
