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Austrian Covered Bond Reform Creates High-Quality Funding Tool For Banks, Says S&P Report May 05
Standard & Poors, May 2005
Abstract
FRANKFURT (Standard & Poor's) May 24, 2005--Following the reform of Austrian covered bond legislation that becomes effective on June 1, 2005, Standard & Poor's will be able to rate Austrian covered bonds ('Pfandbriefe' and 'Fundierte Schuldverschreibungen') 'de-linked' from the counterparty credit rating on the issuer, says a report published today by Standard & Poor's Ratings Services entitled 'New Austrian Covered Bond Legislation Paves The Way To 'AAA''. The amended legal provisions are designed to ensure that covered bond holders would not be affected in the event of an insolvency of the bank that issued the covered bond, and would be able to expect timely payment of interest (including post-insolvency interest) and principal in such a scenario. Austrian covered bonds will...
Companies mentioned in this report are: Austria (Republic of),UniCredit Bank Austria AG,Erste Group Bank AG
Action: General Comment
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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