Creditreform Rating has lowered the rating on Allgemeine Sparkasse Oberösterreich Bankaktiengesellschaft to BBB+ from A-. The outlook is stable. The short-term rating was lowered from L2 to L3. The reason for the downgrade is based on our assumptions regarding COVID-19 and its impact on the direct and indirect banking business, as well as a change in banking methodology.
Creditreform Rating has set the rating of all valid bank ratings and bank issues to watch negative due to the currently not assessable impact of the Corona Crisis. Not affected by this rating action are government related banks. We refer to the free available Monitoring Report for a more detailed explanation.
Creditreform Rating has set the bank issuer rating of Allgemeine Sparkasse Oberösterreich Bankaktiengesellschaft (Group) to A-, with stable outlook. The short-term rating was set to L2. The solid asset quality and strong market position in Upper Austria are among the factors responsible for the rating and the stable outlook. The earnings situation is stable in the Bank's challenging low-interest environment.