On Dec. 9, 2016, we revised our outlook to negative from stable on the State of Upper Austria, which is the major shareholder of Oberoesterreichische Landesbank AG (Hypo OÖ). We regard Hypo OÖ as a government-related entity with a high likelihood of receiving timely and sufficient extraordinary government support from Upper Austria, which we factor into our view of the bank's creditworthiness. We are consequently revising our outlook on Hypo OÖ to stable from positive, and affirming our 'A/A-1' ratings. The stable outlook principally reflects our expectation that the high likelihood of support from Upper Austria will remain unchanged over the next two years. On Dec. 16, 2016, S&P Global Ratings revised its outlook on Austrian-based Oberoesterreichische Landesbank AG (Hypo
