Very strong jurisdictional support assessment for Austrian public sector covered bonds. High credit quality portfolio of predominantly Austrian public sector assets. Counterparty risk currently caps the covered bond ratings at 'A+'. High obligor concentration drives credit risk in the portfolio, but available credit enhancement covers this risk. The stable outlook on our covered bond ratings reflects that the combination of the issuer credit rating (ICR) and counterparty risk in the program currently caps the covered bond ratings at 'A+'. Our outlook on the ICR is positive. However, raising the ICR would not lead to an elevation of the covered bond ratings, because counterparty risk would still cap the covered bond ratings at the current level. We would lower the ratings
