"Very strong" link and "important role" to the State of Upper Austria (Land Oberösterreich), underpinned by Upper Austria's 51% ownership. Strategic cooperation with 34% stakeholder Raiffeisenlandesbank Oberösterreich. Predominantly highly collateralized and granular loan portfolio. Business focus on low-risk state-related housing promotion activities. Comparatively low operating profitability and earnings quality. Reliance of business activity on low-margin public sector and mortgage lending. Lower quality of parts of the financial investment portfolio. High proportion of income from equity holdings in relation to operating revenues. The ratings on Oberösterreichische Landesbank AG (Hypo OÖ) benefit from three notches of implicit ownership support from Hypo OÖ's 51% owner, the State of Upper Austria (AAA/Stable/A-1+). Standard&Poor's Ratings Services considers Hypo OÖ to be a government-related
