Established market share with corporate and retail clients in the Austrian State of Vorarlberg (Vorarlberg). Adequate capital buffer to cover risks. Comfortable funding and liquidity, supported by implicit support from Vorarlberg. Highly competitive banking market in Austria, which limits profitability. Geographical concentration in the region, which makes the bank vulnerable to cyclical downturns. Standard&Poor's Ratings Services' stable outlook on Austria-based bank Vorarlberger Landes-und Hypothekenbank Aktiengesellschaft (HYPO Vorarlberg) reflects our expectation that the bank will continue to benefit from support from its federal state owner and will sustain its current stand-alone credit profile (SACP). We may lower the long-term counterparty credit rating in the next two years if the bank deviates from its current business strategy focusing on key
