Very strong jurisdictional support assessment for Austrian public sector covered bonds. High credit quality portfolio of Austrian and German public sector assets. The portfolio exhibits credit concentrations with the top 20 obligors accounting for about 57% of the cover pool, which we reflect in our credit analysis. The negative 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 annual 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, 2014, and "Covered Bond Ratings Framework: Methodology And
