Solid market share with corporate clients in Tyrol. Strong capitalization and continued de-risking of loan portfolio. High likelihood of receiving extraordinary government support from the 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. Asset quality somewhat weaker than that of comparable peers. The stable outlook on Austria-based Hypo Tirol Bank AG reflects S&P Global Ratings' expectation that, over the next two years, the bank will sustain its current business and risk profiles, and will continue to benefit from extraordinary government support from its 100% owner, the state of Tyrol. Because we regard the bank as a
