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S&P Downgrades Erste, RZB, UniCredit, Affirms HYPO NOE, KA Finanz, Upgrades HYPO OO

Published: August 13, 2014; 19:25 · (Vindobona)

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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S&P Downgrades Erste, RZB, UniCredit, Affirms HYPO NOE, KA Finanz, Upgrades HYPO OO

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.

Join us to succeed in Vienna!
Sign up to read articles for free and to get personalized updates on the events that interest you.