S&P alters OeKB view to positive

S&P said it revised to positive from stable its outlook on the AA+ credit ratings on Oesterreichische Kontrollbank AG's (OeKB's) public sector covered bonds.

“We equalize our issuer credit ratings (ICRs) on OeKB with the sovereign rating on Austria (AA+/positive/A-1+) since we see an almost certain likelihood that Austria's federal government would provide timely and sufficient extraordinary support to OeKB in the event of financial distress,” the agency said in a press release.

The new outlook on the covered bonds reflects the positive outlook on Austria and OeKB, S&P said.

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