Transaction Update: Oberoesterreichische Landesbank AG (Public Sector Covered Bond Program)

The 'A+' issuer credit rating (ICR) on Oberoesterreichische Landesbank (HYPO OOE) is the starting point of our analysis and reflects the high likelihood of timely and sufficient extraordinary support from Upper Austria in the event of financial stress. Due to our very strong jurisdictional support assessment for public sector covered bonds in Austria, the program achieves a 'AA+' rating without any collateral support. Due to a very high obligor concentration in the cover pool, the program does not benefit from collateral-based uplift. There are no unused notches of ratings uplift to protect the ratings on the covered bonds if we were to lower the ICR on HYPO OOE. The stable outlook on our covered bond ratings reflects the stable outlook

...+ The 'A+' issuer credit rating (ICR) on Oberoesterreichische Landesbank (HYPO OOE) is the starting point of our analysis and reflects the high likelihood of timely and sufficient extraordinary support from Upper Austria in the event of financial stress. + Due to our very strong jurisdictional support assessment for public sector covered bonds in Austria, the program achieves a '##+' rating without any collateral support....

Transaction Update Report