With a relatively high issuer credit rating and very strong jurisdictional support assessment for mortgages in Austria, the program reaches a 'AA+' rating without any collateral support. The issuer's public commitment to the current rating supports a stable outlook on the rating with low overcollateralization requirement. High asset concentration in the State of Upper Austria. The lack of loan-by-loan data reduces transparency in the collateral analysis. The stable outlook on the covered bonds ratings reflects the issuer's commitment to the current rating. In the absence of any unused notches to the rating, the outlook on the covered bonds typically reflects the outlook on the issuer (Oberoesterreichische Landesbank AG, HYPO OOE, A+/Negative/A-1). However, the issuer has publicly committed to maintain the
