Implicit support from majority shareholder Strategic cooperation with Raiffeisenlandesbank Oberösterreich Predominantly highly collateralized and granular loan portfolio Product expertise in the state's real-estate promotion activities Limited impact of abolition of state guarantees on Oberösterreichische Landesbank AG's business model Low profitability and earnings quality Low market share apart from its core business Low capitalization The ratings on Oberösterreichische Landesbank AG (Hypo OÖ) senior unsecured unguaranteed obligations benefit from three notches of implicit ownership support from the State of Upper Austria (AAA/Stable/A-1+). The ratings also reflect the cooperation on selected areas with its strategic partner, Raiffeisenlandesbank Oberösterreich (RLB OÖ; not rated), its sound stand-alone risk profile, and its sound market share in state-related banking services. The impact from the loss of state
