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'AA+/A-1+' Ratings on Bank Austria Affirmed; Outlook Negative Aug 01
Standard & Poors, Aug 2001
Abstract
LONDON (Standard & Poor's) Aug. 31, 2001--Standard & Poor's today affirmed its double-'A'-plus long-term and its 'A-1'-plus short-term counterparty credit ratings on Bank Austria AG (BA). The outlook is negative. The rating affirmation follows Standard & Poor's review of BA's parent, Bayerische Hypo- und Vereinsbank AG (HVB; A+/Negative/A-1; see separate press release). Until year-end 2001, the ratings on 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...
Companies mentioned in this report are: UniCredit Bank Austria AG,City of Vienna (Unsolicited Ratings),UniCredit Bank AG
Action: Affirmed
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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