S&P revises OeKB view to positive

S&P said it revised its outlook for Oesterreichische Kontrollbank AG to positive from stable and affirmed its AA+ rating, following a similar action on Austria on Friday.

“We equalize our ratings on OeKB with those on Austria since we see an almost certain likelihood that Austria's federal government would provide timely and sufficient extraordinary support to the bank in the event of financial distress,” S&P said in a press release.

Austria does not own any shares in OeKB; however, it alone administers Austria’s export guarantee program and provides government-backed export financing. Additionally, Austria guarantees OeKB’s bonds.

S&P said it sees Austria’s economy emerging from the pandemic earlier and in better shape than previously forecasted.

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