On March 30, 2007, Standard&Poor's Ratings Services withdrew its 'AAA' long-term and 'A-1+' short-term counterparty credit ratings on Austria-based HYPO TIROL BANK AG (Hypo Tirol) at the bank's request. At the same time, Standard&Poor's withdrew its ratings on the bank's issuance program, its 'AAA' ratings on guaranteed senior unsecured debt, and its 'A' rating on unguaranteed obligations. Standard&Poor's has also withdrawn its 'AAA/A-1+' issuer credit ratings on the State of Tyrol, which was only rated in its capacity as guarantor for the bank. The counterparty credit ratings on Hypo Tirol and ratings on guaranteed obligations were based on the grandfathered deficiency guarantee (Ausfallbürgschaft) from its 100% owner, the State of Tyrol. The long-term rating
