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Bank Austria Creditanstalt AG Dec 02
Standard & Poors, Dec 2002
Abstract
The ratings on Bank Austria Creditanstalt AG's (BA) outstanding obligations at Dec. 31, 2001, reflect that these obligations will continue to benefit from the deficiency guarantee provided by the City of Vienna (Vienna; AAA/Negative/A-1+), through the shell holding company Anteilsverwaltung Zentralsparkasse (AV-Z), until their respective maturities. Under the Austrian Banking Act, AV-Z, (as Vienna's savings bank), remains liable as deficiency guarantor for all of BA's liabilities incurred until year-end 2001. The City of Vienna by law becomes the deficiency guarantor for the bank if AV-Z cannot fully repay obligors. Vienna's excellent financial position underpins the assessment of the city's credit quality and such grandfathered debt obligations. The outlook on these obligations reflects that on the City of Vienna. Standard &...
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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