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S&P upgrades 3 Austrian banks, affirms 2 others

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S&P upgrades 3 Austrian banks, affirms 2 others

S&P Global Ratings on May 30 took ratings actions on five banks based in Austria, following a review of the country's banking sector.

The agency upgraded the long-term issuer credit ratings of UniCredit Bank Austria AG and units BA-CA Finance (Cayman Island) Ltd. and BA-CA Finance (Cayman) (2) Ltd. to BBB+ from BBB, that of Hypo Vorarlberg Bank AG to A+ from A and that of Hypo Tirol Bank AG to A- from BBB+.

The outlooks on UniCredit Bank Austria and its two units were changed to negative from positive, while those on Hypo Vorarlberg Bank and Hypo Tirol Bank were changed to stable from positive.

The short-term issuer ratings of UniCredit Bank Austria, its units and Hypo Tirol Bank were affirmed at A-2 and while that of Hypo Vorarlberg Bank was affirmed at A-1.

S&P also revised the outlook on HYPO NOE Landesbank für Niederösterreich und Wien AG's long-term issuer ratings to positive from stable, while affirming the rating at A. The bank's A-1 short-term rating was also affirmed.

Additionally, Oberösterreichische Landesbank AG's A+/A-1 long- and short-term ratings were affirmed, with a negative outlook on the long-term rating.

The agency said the Austrian banking sector's stability has improved, mainly driven by positive momentum from stronger capitalization and earnings capacity.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.