FRANKFURT (Standard&Poor's) April 2, 2007--Standard&Poor's Ratings Services said today it lowered its long- and short-term counterparty credit ratings on Austria-based Oberösterreichische Landesbank AG (Hypo OÖ) to 'A/A-1' from 'AAA/A-1+'. The outlook on Hypo OÖ is stable. At the same time, all existing issue ratings on outstanding guaranteed debt obligations were affirmed, due to the grandfathering of state guarantees until maturity. The outlook on the guaranteed obligations is negative. The downgrade reflects the abolition of the state guarantees previously enjoyed by Austrian Landeshypothekenbanks (Landeshypos), and follows an initiative a year ago, when Standard&Poor's published unguaranteed long-term ratings on individual Landeshypos (see "Austrian Landeshypothekenbanks Unguaranteed Debt Ratings: Fundamentals Likely To Stay Steady Ahead Of 2007 Loss
