Creditreform Rating has set the issue rating of the bonds with ISIN AT0000A0XJ64 to AA-. Altogether, we consider the structural and operative risk as low. Credit and portfolio risks are characterized significantly by the creditworthiness of the mostly residential tenants. The performance of the real estate portfolio as well as the LTV-ratio have been improved successively over the last years. The LTV-ratio will be further improved due to the partial redemption of the bond in relation with the exclusion of commercial property. The implementation of the required refinancing is expected by the end of September. Even in stressed scenarios, our analysis of the coverage ability shows a coverage of the obligations concerning the senior secured bonds. Regarding the financing, the rating is provided with a reference.