New Issue: Oberoesterreichische Landesbank AG (Public Sector Covered Bond Program) - S&P Global Ratings’ Credit Research

New Issue: Oberoesterreichische Landesbank AG (Public Sector Covered Bond Program)

New Issue: Oberoesterreichische Landesbank AG (Public Sector Covered Bond Program) - S&P Global Ratings’ Credit Research
New Issue: Oberoesterreichische Landesbank AG (Public Sector Covered Bond Program)
Published Mar 23, 2023
11 pages (3781 words) — Published Mar 23, 2023
Price US$ 500.00  |  Buy this Report Now

About This Report

  
Abstract:

The 'A+' issuer credit rating (ICR) on Oberoesterreichische Landesbank (HYPO OOE) reflects the high likelihood of timely and sufficient support from Upper Austria in the event of financial stress. With a relatively high ICR and very strong jurisdictional support assessment for public sector covered bonds in Austria, the program achieves a 'AA+' rating without any collateral support. Due to very high obligor concentration in the cover pool, the program does not benefit from any collateral-based uplift. The program rating has no unused notch to protect it if we were to lower the ICR. The stable outlook on our covered bond ratings reflects the outlook on our long-term ICR on HYPO OOE. As a result, any rating action on the issuer

  
Brief Excerpt:

...(Editor's Note: This new issue report, originally published on March 23, 2023, was republished to include information in tables 1, 3, and 4. We also updated the collateral support analysis and derivatives sections. An extended version follows.)...

  
Report Type:

Full Report

Ticker
OBER@AV
Issuer
Oberoesterreichische Landesbank AG
GICS
Diversified Banks (40101010)
Sector
Global Issuers, Structured Finance
Country
Austria
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "New Issue: Oberoesterreichische Landesbank AG (Public Sector Covered Bond Program)" Mar 23, 2023. Alacra Store. May 05, 2025. <http://www.alacrastore.com/s-and-p-credit-research/New-Issue-Oberoesterreichische-Landesbank-AG-Public-Sector-Covered-Bond-Program-2992583>
  
APA:
S&P Global Ratings’ Credit Research. (). New Issue: Oberoesterreichische Landesbank AG (Public Sector Covered Bond Program) Mar 23, 2023. New York, NY: Alacra Store. Retrieved May 05, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/New-Issue-Oberoesterreichische-Landesbank-AG-Public-Sector-Covered-Bond-Program-2992583>
  
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