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S&P Downgrades Erste, RZB, UniCredit, Affirms HYPO NOE, KA Finanz, Upgrades HYPO OO
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S&P is downgrading three banks, affirming the ratings on two banks, upgrading one bank, and lowering various issue ratings on the banks' hybrid capital and guaranteed grandfathered debt.
Standard & Poor's Takes Various Rating Actions On Six Austrian Banks / Picture: © Flickr / Ryan H
Standard & Poor's Ratings Services said today that it has taken various rating actions on six Austria-based banks.
Austria has recently enacted legislation to bail in holders of Hypo Group Alpe Adria's subordinated debt, despite the State of Carinthia's grandfathered guarantee of this debt. In S&P's view, the new law indicates reduced predictability of extraordinary…
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