Very strong jurisdictional support assessment for Austrian public sector covered bonds. Good credit quality portfolio of Austrian and German public sector assets. The portfolio exhibits credit concentrations with the top 20 obligors accounting for about 53% of the cover pool, which we reflect in our credit 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
