Moody's affirms Pfandbriefstelle

Moody's Investors Service said it confirmed the Aaa ratings of Pfandbriefstelle der Oesterreichischen Landes-Hypothekenbanken's senior unsecured debt obligations.

The outlook is negative, in line with the outlook for the government of Austria, which, in turn, is a key factor for the creditworthiness of the country's federal states and regions.

Moody's said the Aaa ratings reflect the statutory joint and several liabilities from all of the guarantors for all of the bank's obligations that were incurred before April 2007, after which the grandfathering was abolished.

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