We consider that Oberoesterreichische Landesbank AG (HYPO OÖ) is operating in a more favorable environment. This is in line with our view that the trend for economic risk in Austria is now stable, due to the improving overall economic climate in Europe. Therefore, we are revising our outlook on HYPO OÖ to positive from stable and affirming our 'A/A-1' ratings. The positive outlook reflects the possibility of an upgrade over the next two years if, as we expect, HYPO OÖ's capitalization strengthens further. On June 3, 2014, Standard&Poor's Ratings Services revised its outlook on Austria-based Oberoesterreichische Landesbank AG (HYPO OÖ) to positive from stable. The 'A' long-term and 'A-1' short-term counterparty credit ratings were affirmed. The rating actions
