S&P's downgrades three Austrian banks
The Local · 13 Aug 2014, 22:54
Published: 13 Aug 2014 22:54 GMT+02:00
- Standard & Poor's downgrades Austrian provinces (13 Aug 14)
- Hypo bank defaults on bond payments (07 Aug 14)
- Fischer signs Hypo law (31 Jul 14)
- World Bank hit by Hypo bank 'bail in' (16 Jul 14)
As reported by Reuters, three Austrian banks - Raiffeisen Zentralbank Oesterreich, Erste Group and Unicredit Bank Austria - have had their credit ratings downgraded as a response to the passing into law on July 31 of a parliamentary bill which wipes out the claims of subordinated debt holders in the failed Hypo Alpe Adria Bank.
The move comes on the heels of the same agency's downgrading of the credit ratings of several Austrian provinces on Tuesday.
According to Reuters, the outlook on all three banks is negative, S&P said.