The ratings on Oberösterreichische Landesbank AG (Hypo OÖ) are based on the deficiency guarantee (Ausfallsbürgschaft) of its majority owner, the State of Upper Austria (AAA/Stable/A-1+; for the full analysis of the State of Upper Austria's credit quality, see separate analysis), and the state's strong incentives and commitment to meet its obligation in a timely manner. With total consolidated assets of €4.0 billion at Dec. 31, 2000, and adjusted common equity of €118 million, Hypo OÖ is one of the larger of eight Austrian mortgage banks. Hypo OÖ is a universal bank offering a broad range of banking products mainly to retail clients in its home region, the State of Upper Austria. It is also active in public sector lending and
