This publication has been republished to include an updated section on the State of Tyrol. In addition, the tables in this article are designed for exporting in certain Standard&Poor's Ratings Services' products; therefore, printing quality may vary. Changing your page orientation to landscape mode, reducing your page margins, and/or reducing the text size in your browser may improve the printed output. State guarantee until April 1, 2007; Implicit ownership support after April 1, 2007; Adequate earnings diversification; High share of liquid short-term assets; Robust financial performance and very low debt burden of the state; and High wealth levels and low unemployment figures in the state. State guarantee will be abolished on April 1, 2007; Reliance on treasury income;
