LONDON (Standard&Poor's CreditWire) April 28, 1999--Standard&Poor's today assigned its double-'A'-plus long-term and its 'A-1'-plus short-term counterparty credit ratings to Landes-Hypothekenbank Tirol AG (LHB Tirol). The outlook is stable. The ratings on LHB Tirol are based on the deficiency guarantee (Ausfallbuergschaft) of the State of Tyrol, and the state's strong incentives and commitment to meeting its obligation in a timely manner. The state indirectly owns 100% of the bank's shares, and intends to remain the majority shareholder and guarantor for the bank's obligations to creditors. The credit quality of the State of Tyrol reflects a healthy financial performance, low debt and unemployment levels, and above-average wealth. Offsetting factors are below-average economic growth and some, although declining, dependence
