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Moody's withdraws state-backed deposit ratings of 2 Austrian banks

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Moody's withdraws state-backed deposit ratings of 2 Austrian banks

Moody's on Oct. 9 withdrew the A3/P-2 long- and short-term state-guaranteed deposit ratings of Hypo Tirol Bank AG and Hypo Vorarlberg Bank AG.

At the time of withdrawal, Hypo Tirol Bank's long-term deposit ratings carried a positive outlook, while that of Hypo Vorarlberg Bank carried a stable outlook.

The action follows the maturity of the vast majority of instruments, helped by phased-out legacy deficiency guarantees by Austrian regional governments as of its Sept. 30 grandfathering end date for liabilities incurred after April 1, 2003.

Moody's said the ratings were withdrawn as the banks' obligations are no longer outstanding.