On Nov. 20, 2020, S&P Global Ratings revised the outlook on the State of Upper Austria to negative from stable and affirmed the 'AA+/A-1+' ratings. We continue to regard Oberoesterreichische Landesbank AG (Hypo OÖ) as a government-related entity (GRE) with a high likelihood of receiving timely and sufficient extraordinary government support from its majority owner Upper Austria, and factor this into our view of the bank's creditworthiness. We are therefore affirming our 'A+/A-1' ratings on Hypo OÖ. The negative outlook reflects the negative outlook on Upper Austria, and our view that the bank's profitability and asset quality will be strained by the economic and credit distress stemming from the COVID-19 pandemic. On Nov. 24, 2020, S&P Global Ratings affirmed its
