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Rating Action:

Moody's changes outlooks on City of Vienna, BIG and ASFINAG to negative; affirms all Austrian sub-sovereign ratings

27 Oct 2015

Rating actions follow outlook change on Austrian sovereign rating

Frankfurt am Main, October 27, 2015 -- Moody's Investors Service ("Moody's") has today changed to negative from stable the outlooks on the rating of the City of Vienna (Aaa) and on the ratings of the Austrian government-related issuers (GRIs) Bundesimmobiliengesellschaft m.b.H. (BIG, Aaa; P-1), and Autobahnen-Und Schnellstrassen Finanzierungs (ASFiNAG, Aaa). All ratings were affirmed.

The ratings of the State of Lower Austria (Aa1) and State of Carinthia (B3) were affirmed with negative outlook unchanged.

The outlook changes to negative follow a similar action on Austria's Aaa government bond rating, announced on 23 October 2015. For full details please refer to the sovereign press release (https://www.moodys.com/research/--PR_336981), published on www.moodys.com.

RATINGS RATIONALE

RATIONALE FOR CHANGING OUTLOOK TO NEGATIVE ON CITY OF VIENNA'S RATING

The outlook change to negative on the City of Vienna's rating mirrors the corresponding change in outlook on Austria's Aaa government bond ratings, given the strong macroeconomic, fiscal and institutional linkages between the sovereign's and the regional governments' credit risk. These linkages arise from (1) the country's tax-sharing and equalisation system; (2) the entities' access to funding via the sovereign's federal financing agency; and (3) the budgetary coordination and strong monitoring, within the Austrian stability pact. Furthermore, the outlook change reflects some pressure on the city's individual credit strength as a result of weaker than expected economic outlook, sluggish tax revenues and expenditure pressure.

RATIONALE FOR CHANGING OUTLOOK TO NEGATIVE ON GOVERNMENT-RELATED ISSUERS

The outlook change to negative on the ratings of BIG and ASFiNAG mirrors the corresponding change in outlook on Austria's Aaa government bond ratings, given their strong linkages with the sovereign.

In the case of real estate company BIG, the outlook change reflects the public policy mandate and the integration of the entity with general government accounts.

The negative outlook on the Aaa-backed debt ratings of ASFiNAG reflects the full, explicit, direct, unconditional and irrevocable guarantee from the Austrian government.

RATIONALE FOR AFFIRMING THE RATINGS

The Aaa rating affirmation of the City of Vienna reflects the city's modest debt levels but only slowly improving financial performances. Vienna's displays strong economic fundamentals compared to its Austrian peers.

The Aa1 ratings of the state of Lower Austria reflect its moderate debt levels and only adequate financial performance.

The affirmation of the State of Carinthia's rating at its current level of B3 reflects the state's susceptibility to event risk and very high uncertainty around the future strategy of the Austrian Government to wind down HETA (former Hypo Alpe Adria) and the risk that Carinthia's guarantees get called.

BIG's and ASFiNAG's rating affirmations mirror the affirmation of the rating of the Government of Austria, given the strong linkages between these GRIs and the sovereign.

WHAT COULD MOVE THE RATINGS UP / DOWN

Downward ratings pressure on the regions could arise if the creditworthiness of the sovereign were to weaken. Additionally, any significant issuer-specific risks that might emerge or a downward adjustment of Moody's assumption of extraordinary support would create downward ratings pressure.

Although unlikely given the negative outlook, the ratings of Lower Austria could face upward pressure if Moody's assesses the state's exposure to risk from Austrian public sector banks as materially decreased in combination with structural improvement of financial performance and declining debt levels.

In case of Carinthia, upward pressure on the rating could develop only after a significant reduction of contingent liabilities or evidence of reduced risk from guarantees being triggered.

In the case of BIG, downward ratings pressure would arise if the Austrian Government's bond rating were downgraded, if BIG's policy mandate were to change, or following a rapid and prolonged deterioration of the company's financial performance.

ASFiNAG's backed debt rating would be downgraded in the case of a downgrade of the Austrian government bond rating.

The publication of this rating action deviates from the previously scheduled release date in the sovereign release calendar published on www.moodys.com. The reason for the deviation is the rating action on the sovereign rating.

The specific economic indicators, as required by EU regulation, are not available for the Austrian sub-sovereign entities. The following national economic indicators are relevant to the sovereign rating, which was used as an input to this credit rating action.

Sovereign Issuer: Austria, Government of

GDP per capita (PPP basis, US$): 46,640 (2014 Actual) (also known as Per Capita Income)

Real GDP growth (% change): 0.4% (2014 Actual) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 0.8% (2014 Actual)

Gen. Gov. Financial Balance/GDP: -2.7% (2014 Actual) (also known as Fiscal Balance)

Current Account Balance/GDP: 0.7% (2014 Actual) (also known as External Balance)

External debt/GDP: [not available]

Level of economic development: Very High level of economic resilience

Default history: No default events (on bonds or loans) have been recorded since 1983.

On 22 October 2015, a rating committee was called to discuss the rating of the Austrian sub-sovereign entities. The main points raised during the discussion were: The systemic risk in which the issuer operates has materially increased.

The principal methodology used in rating Austria RLGs was Regional and Local Governments published in January 2013. The principal methodology used in rating Austria GRIs was Government-Related Issuers published in October 2014. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

The weighting of all rating factors is described in the methodology used in this rating action, if applicable.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The rating of rated entity Vienna, City of was not initiated or not maintained at the request of the rated entity.

Moody's considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody's. On this basis Vienna, City of or their agents are considered to be participating entities. These rated entities or their agents generally provide Moody's with information for their ratings process.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Harald Sperlein
Vice President - Senior Analyst
Sub-Sovereign Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

David Rubinoff
MD - Sub-Sovereigns
Sub-Sovereign Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's changes outlooks on City of Vienna, BIG and ASFINAG to negative; affirms all Austrian sub-sovereign ratings
No Related Data.
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