HYPO NOE Gruppe Bank AG Sep 11
Standard & Poors, September 2011
Abstract
"Very strong" link with and "important" role for the State of Lower Austria, underpinned by sole ownership and a statutory guarantee for grandfathered debt. Good standing in lower-risk public-sector financing and related businesses in the home market. Strong funding capabilities supported by government-related entity (GRE) status. Business model that offers limited regional growth and revenue diversification. Concentration on low-margin public-sector business and volatility of results from asset-liability management only expected to reduce slowly. Limited capacity to build up capital through profit retention. The ratings on Austria-based HYPO NOE Gruppe Bank AG (HYPO NOE) benefit from three notches of support above its stand-alone credit profile (SACP). This reflects Standard & Poor's Ratings Services' opinion that there is a "high" likelihood that...
Companies mentioned in this report are: HYPO NOE Gruppe Bank AG,State of Lower Austria (Unsolicited Ratings)
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
HYPO NOE Gruppe Bank AG,State of Lower Austria (Unsolicited Ratings)
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