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New Issue: Oberoesterreichische Landesbank AG (Public Sector Covered Bond Program)

The 'A+' issuer credit rating (ICR) on Oberoesterreichische Landesbank (HYPO OOE) reflects the high likelihood of timely and sufficient support from Upper Austria in the event of financial stress. With a relatively high ICR and very strong jurisdictional support assessment for public sector covered bonds in Austria, the program achieves a 'AA+' rating without any collateral support. Due to very high obligor concentration in the cover pool, the program does not benefit from any collateral-based uplift. The program rating has no unused notch to protect it if we were to lower the ICR. The stable outlook on our covered bond ratings reflects the outlook on our long-term ICR on HYPO OOE. As a result, any rating action on the issuer