Strong expertise and a niche franchise in infrastructure, energy, and sustainable finance projects, with historical links to public-sector customers. Robust asset quality, underpinned by low credit-risk costs and zero nonperforming loans. Solid risk-adjusted profitability, supporting a high capital buffer. Business concentration on niche bespoke products and services, and a limited number of customers. Tail risks from a small number of opportunistic transactions, high business growth rates, and a high share of syndication risks. Small size, with high dependence on key personnel. The stable outlook reflects our expectation that Kommunalkredit Austria AG (Kommunalkredit) will continue to report strong profits and that its business will remain highly resilient to the adverse economic environment over the next 24 months. Moreover, we anticipate that
