The ratings on Oberoesterreichische Landesbank AG (Hypo OÖ) are based on the deficiency guarantee (Ausfallsbürgschaft) of its majority owner, the State of Upper Austria (AAA/Stable/A-1+), and the state's strong incentives and commitment to meet its obligation in a timely manner. The ratings on the State of Upper Austria (AAA/stable/A-1+; for full article on the state's credit quality, see separate analysis) reflect the state's superior fiscal performance and very low debt levels. An increasingly well-balanced economy generating growth above the national average and very low unemployment rates also support the ratings. Although the state's wealth is slightly below the national average, it is well above the EU-15 average. The well-diversified manufacturing sector, in conjunction with the service sector, contributed to Upper
