(The following statement was released by the rating agency)
Nov 27 - Standard & Poor’s Ratings Services said today that it had assigned its ‘AA+’ long-term guaranteed subordinated debt rating to proposed EUR1 billion in debt due 2022, to be issued by Hypo Alpe-Adria-Bank International AG (not rated) under the Republic of Austria’s (unsolicited AA+/Negative/A-1+) guarantee scheme.
The rating solely reflects the unconditional and irrevocable guarantee provided by the Republic of Austria for the payment of scheduled interest and principal on the debt.
Based on our review of the form of guarantee, we are of the opinion that it is irrevocable, unconditional, and timely, and that it therefore qualifies for rating substitution treatment (see “Bank Debt Issued Under Austrian Government Guarantee Scheme Expected To Be Rated ‘AAA/A-1+',” published Jan. 13, 2009,on RatingsDirect on the Global Credit Portal).
-- Rating Sovereign-Guaranteed Debt, April 6, 2009
-- Full analysis on Austria (Republic of), March 28, 2012