The ratings on Oberösterreichische Landesbank AG's (Hypo OÖ) senior unsecured unguaranteed obligations benefit from three notches of implicit ownership support from the State of Upper Austria (AAA/Stable/A-1+), due to the state's 51% ownership of the bank. Hypo OÖ is a "government-related entity". Standard&Poor's Ratings Services considers Hypo OÖ to be highly systemically important for Upper Austria. However, we consider the bank's relevance to the Austrian banking system as a whole to be only "moderate". The ratings on Hypo OÖ also reflect the cooperation in select areas with its strategic partner, Raiffeisenlandesbank Oberösterreich (RLB OÖ; not rated); Hypo OÖ's sound stand-alone risk profile, and its sound market share in state-related banking services. Primary factors constraining the ratings are Hypo
