The ratings on Austria-based HYPO TIROL BANK AG (Hypo Tirol) reflect those on Austria's State of Tyrol, which wholly owns the bank and provides it with a deficiency guarantee (Ausfallbürgschaft). On April 2, 2003, the European Commission (EC) agreed with the Austrian government to phase out state guarantees by April 1, 2007, benefiting some Austrian banks, including all rated Landeshypothekenbanks. (For further details, see the article entitled "Austrian Landeshypothekenbanks Grandfathered Debt Ratings and CCRs Affirmed; Outlook Neg", published on April 3, 2003, on RatingsDirect.) Grandfathered obligations incurred until April 2, 2003, irrespective of their maturity will continue to benefit from the state guarantee, however. In addition, obligations incurred between April 3, 2003, and April 1, 2007, maturing by Sept. 30,
