On Dec. 7, 2011, we placed the 'AAA' long-term issuer credit rating on the State of Upper Austria on CreditWatch with negative implications. As a result, we are placing our 'A' long-term and 'A-1' short-term counterparty credit ratings on Oberoesterreichische Landesbank AG (Hypo OÖ) on CreditWatch with negative implications. Under our revised bank criteria (published on Nov. 9, 2011), we regard Hypo OÖ as having a moderate business position, moderate capital and earnings, an adequate risk position, average funding, and adequate liquidity, reflecting a stand-alone profile (SACP) of 'bbb'. In our view, HYPO OÖ has a "high" likelihood of extraordinary support from its 51% owner the State of Upper Austria, which provides a three-notch rating uplift above the SACP. In
