Very strong jurisdictional support assessment. Majority of the cover pool assets are located in Austria. High concentration of Austrian local and regional governments in the cover pool, which we reflect in our analysis. The derivatives replacement framework, which is not in line with our current counterparty criteria, caps our rating on the program at 'A'. The stable outlook on our covered bonds ratings reflects our view of the credit strength of the issuer. We are publishing this transaction update as part of our periodic review of Kommunalkredit Austria AG's public sector covered bond program and related issuances of "Fundierte Bankschuldverschreibungen". Our covered bond ratings process follows the methodology and assumptions outlined in our "Covered Bonds Criteria," published on Dec. 9,
