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 cover pool is composed of first ranking claims, characterized by low loan-to-value ratio levels and high seasoning. High asset concentration in the State of Upper Austria. Relatively high asset-liability mismatch, both in terms of maturity and interest rates. The stable outlook on the ratings on the covered bonds 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+/Stable/A-1). Specifically, for Hypo OOE's covered bonds, the
