On Oct. 10, 2002, Standard&Poor's Ratings Services raised its long-term counterparty credit and certificate of deposit ratings on Austria-based HYPO TIROL BANK AG (Hypo Tirol; formerly known as Landes-Hypothekenbank Tirol AG) to triple-'A' from double-'A'-plus. At the same time, Standard&Poor's affirmed its 'A-1'-plus short-term counterparty credit and certificate of deposit ratings on the bank. The outlook is negative. The rating action solely reflects the upgrade of the ratings on Austria's State of Tyrol to triple-'A' from double-'A'-plus. The outlook on the State of Tyrol is stable. The bank is wholly owned by the state, which provides the bank with a deficiency guarantee (Ausfallbürgschaft). Although this is not a timely guarantee, Standard&Poor's believes that the
