Creditreform Rating has lowered the rating of the Hypothekarische Pfandbriefe of Allgemeine Sparkasse Oberösterreich Bankaktiengesellschaft to AA+ from AAA. The outlook is stable. The main drivers of the rating result are the bank issuer rating, the analysis of the regulatory framework (segregation of cover assets, priority of creditors' claims, etc.) and our analysis of the covered pool including stressed factors.
Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.