We expect Upper Austria to remain highly supportive of Oberoesterreichische Landesbank (HYPO OÖ). We expect that the bank's capitalization can improve on stronger earnings retention in the next two years, if HYPO OÖ reassumes growth and can sustain its net interest margins We are therefore revising our outlook on HYPO OÖ to positive from stable and affirming our 'A/A-1' long- and short-term counterparty credit ratings. On June 16, 2016, S&P Global Ratings revised its outlook on Austria-based Oberoesterreichische Landesbank AG (HYPO OÖ) to positive from stable. At the same time, we affirmed the 'A/A-1' long- and short-term counterparty credit ratings. We also affirmed our 'A' issue rating on HYPO OÖ's senior unsecured debt and our 'BB+' issue rating on the
