LONDON (Standard&Poor's CreditWire) July 9, 1999--Standard&Poor's today assigned its triple-'A' long-term and its 'A-1'-plus short-term counterparty credit and certificate of deposit ratings to Austrian Landes- und Hypothekenbank Vorarlberg AG (LHV). The outlook is stable. The ratings on LHV are exclusively based on the deficiency guarantee (Ausfallbuergschaft) of the State of Vorarlberg, and the state's strong incentives and commitment to meeting its obligation in a timely manner. The state indirectly owns 75% of the bank's shares, and intends to remain the majority shareholder and guarantor for the bank's obligations to creditors. The ratings on the State of Vorarlberg reflect a profoundly strong financial performance and very low debt levels. Furthermore, the ratings highlight an increasingly dynamic and
