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Moody's downgrades Raiffeisenlandesbank Oberoesterreich to A1/C- from Aa3/C

Outlook stable on all ratings

 Frankfurt am Main, October 06, 2010

Moody's Investors Service has today downgraded the senior unsecured debt and deposit ratings of Raiffeisenlandesbank Oberoesterreich AG (RLB OOe) by one notch to A1 from Aa3, and its Bank Financial Strength Rating (BFSR) to C- from C which maps to a Baseline Credit Assessment (BCA) of Baa2. Concurrently, the short-term ratings were affirmed at Prime-1 and the outlook on all ratings is now stable. This rating action concludes the review initiated on 19 November 2009.

Ratings Rationale

Moody's downgrade of RLB OOe's BFSR follows stress tests that the rating agency carried out on RLB OOe's earnings, assets (including its sizeable equity holdings) and capital. The outcome of the tests reflect the rating agency's view that RLB OOe's performance is commensurate with a BFSR in the C- range, which is also the outcome of RLB OOe's bank financial strength scorecard.

RLB OOe largely depends on income streams from non-banking and Raiffeisen sector-related equity investments. This reliance impairs RLB OOe's financial reporting transparency and may affect corporate governance. Moody's recognises that RLB OOe's banking-related
shareholdings – most prominently its 14.1% stake in Raiffeisenzentralbank Oesterreich (RZB, rated A1/D+/P-1) – are geographically diversified within Austria and Central and Eastern Europe. However, RLB OOe's non-banking equity investments are largely concentrated in the region of Upper Austria and add a material degree of volatility and market risk to RLB OOe's risk profile. Moreover, its loan book shows significant singlename borrower and industry concentrations to the real-estate sector in Upper Austria, where the sector's performance has been stable to date.

RLB OOe's loss-absorption capacity (with a Tier 1 ratio of 7.14%) withstood Moody's stress tests. Nonetheless, RLB OOe's capital levels leave limited scope to buffer additional unexpected credit losses, although hidden reserves – according to RLB OOe's unaudited H1 2010 accounts – elevate the Tier 1 ratio to 10.6% and provide an additional capital cushion, albeit of lower quality. At the same time, Moody's analysis suggests that elevated risk charges may continue to burden RLB OOe's performance and its capital-generation capacity.
Today's rating action also reflects Moody's view that RLB OOe benefits from the existing support mechanisms available to members of the
Raiffeisen co-operative banking sector ("Kundengarantiegemeinschaft") and a high probability of systemic support due to RLB OOe's prominent position in the regional market. Together, these factors support a four-notch uplift in RLB OOe's long-term debt and deposit ratings to A1 from its Baa2 BCA. Indeed, Austria is considered a medium-support country.

According to Moody's, upward pressure on the BFSR could come from a material improvement in RLB OOe's overall earnings quality, along
with markedly lower market risk and reduced risk concentrations. The rating agency expects any improvement in RLB OOe's intrinsic strength to be gradual, translating into upward pressure on the long-term debt rating only over the medium term.

Conversely, RLB OOe's BFSR could be negatively impacted if (i) RLB OOe continues to expand as a major shareholder in industrial groups; (ii) the financial profile of the Raiffeisen co-operative banking sector deteriorates; or (iii) assumptions are changed about the systemic support that could be available to RLB OOe.

Moody's most recent rating action on RLB OOe was implemented on 19 November 2009, when RLB OOe's BFSR and debt and deposit ratings were placed on review for possible downgrade.

The principal methodologies used in rating Raiffeisenlandesbank Oberoesterreich were Bank Financial Strength Ratings: Global Methodology published in February 2007 and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

Headquartered in Linz, Austria, Raiffeisenlandesbank Oberoesterreich had total assets of EUR37 billion and reported a net income of EUR130 million as of June 2010.

The principal methodologies used in rating Raiffeisenlandesbank Oberoesterreich were Bank Financial Strength Ratings: Global Methodology published in February 2007 and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

Regulatory Disclosures

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning a credit rating.

The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the
three years preceding the Credit Rating Action. Please see the ratings disclosure page www.moodys.com/disclosures on our website for further information.

MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Frankfurt am Main
Thomas Boemoser
Analyst
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Frankfurt am Main
Carola Schuler
MD - Banking
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Deutschland GmbH
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Frankfurt am Main 60322
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