Very strong jurisdictional support assessment for Austrian public sector covered bonds. High credit quality portfolio of predominantly Austrian public sector assets. Relatively high asset-liability mismatch leads to a target credit enhancement level exceeding the available overcollateralization for collateral-based uplift. High obligor concentration drives credit risk in the portfolio, but available credit enhancement covers this risk. The stable outlook on the covered bond ratings reflects the stable outlook on Kommunalkredit Austria AG's issuer credit rating. This means that a rating action on the issuer would result in a similar rating action on Kommunalkredit Austria's covered bonds, all else being equal. One or more of the credit ratings referenced with this article was assigned by deviating from S&P Global Ratings' published criteria,
