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S&P upgrades Austria-based Hypo Tirol Bank's issuer credit ratings

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S&P upgrades Austria-based Hypo Tirol Bank's issuer credit ratings

S&P Global Ratings on Oct. 15 upgraded Austria-based Hypo Tirol Bank AG's long- and short-term issuer credit ratings to A/A-1 from A-/A-2, with the outlook on the long-term rating remaining stable.

The upgrade reflects the progress that the Austrian firm has made in reducing its exposure to risks in its Italian loan portfolio, particularly nonperforming loans, the agency said. The ratings also reflect the bank's small size, cyclical industries and geographic concentration, which particularly makes the bank vulnerable to a downturn in the region, the agency said.

The stable outlook reflects the agency's expectation that the bank will sustain its current business and risk profiles over the coming two years. It also takes into account the extraordinary support for the bank from its owner, the state of Tyrol, the agency said.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.