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Bank Austria AG Oct 01
Standard & Poors, Oct 2001
Abstract
Until year-end 2001, the ratings on Bank Austria (BA) will continue to benefit from the deficiency guarantee provided by the City of Vienna (AAA/Negative/A-1+) through the shell holding company, Anteilsverwaltung Zentralsparkasse (AV-Z). Under the Austrian Banking Act, AV-Z, as Vienna's savings bank, is liable as deficiency guarantor for all of BA's liabilities incurred until year-end 2001. The City of Vienna by law becomes deficiency guarantor for the bank if AV-Z cannot fully repay obligors. Vienna's excellent financial position underlies the assessment of the city's credit quality and the bank's rating. While existing obligations at Dec. 31, 2001 will continue to benefit from a deficiency until maturity, new obligations incurred from 2002 onward will not benefit from a guarantee, which is...
Companies mentioned in this report are: UniCredit Bank Austria AG,Hypovereins Finance N.V.,Westfaelische Hypothekenbank AG,Hypo Public Finance Bank,Deutsche Pfandbriefbank AG,UniCredit Bank AG,Hypo Pfandbrief Bank International S.A.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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