Moody’s gives Baa2 to Volksbank Wien

Moody's Investors Service said it assigned Baa2/P-2 long- and short-term deposit ratings to Volksbank Wien AG.

The agency also assigned A2(cr)/P-1(cr) counterparty risk assessments as well as a baa2 baseline credit assessment and adjusted BCA.

The outlook on the long-term deposit ratings is stable.

In assigning the ratings and assessments to Volksbank Wien, the central organization of Austria's cooperative Volksbanken-Verbund (Verbund, unrated), Moody's said it based its opinion on consolidated financial statements of the cooperative group.

“This approach takes into consideration the statutory mutualist support framework, codified in the Austrian banking act, and the cohesion and solidarity within the Verbund, as demonstrated by a contractual mutual obligation to support each member institution in case of need,” the agency said in a news release.

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