Solid market share with corporate clients in Tyrol. Strong capitalization and continued derisking of loan portfolio. High likelihood of receiving extraordinary government support from state of Tyrol. Squeezed income margins due to low-yield environment and competitive banking market in Austria. Lack of geographical diversification and high concentration on cyclical industries such as real estate and tourism. The stable outlook on Hypo Tirol Bank AG (Hypo Tirol) reflects S&P Global Ratings' expectation that the bank will sustain its current business and financial profile and will continue to benefit from extraordinary government support from Tyrol over the next two years. Because we regard the bank as a government-related entity (GRE), our ratings also depend on our view of Tyrol's creditworthiness. However, the
