Strong integration with its owning counties, high strategic importance in regional development, a strong market position, and resilient toll revenue are strengths. High leverage and substantial capital expenditure are challenges.

The rating on Hypo-Bank Burgenland AG’s Austrian mortgage covered bonds (Hypothekenpfandbriefe) reflects the issuer's A- rating enhanced by six notches from governance and cover pool support. Two notches provide a buffer against an issuer downgrade.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

Weakening public finances and a fragmented political environment challenging fiscal consolidation prospects drive the downgrade. A wealthy economy, favourable debt profile, and sound external position anchor the ratings.

Poste Italiane’s strategic importance to Italy, diversified business structure and solid financial profile support the rating. The Outlook revision of Italy’s sovereign rating, to which Poste Italiane’s ratings are aligned, drives the Outlook change.

Strong integration with the government, high likelihood of exceptional support and sound fundamentals support the rating. The Outlook revision of the Italian Republic sovereign rating, to which CDP’s ratings are aligned, reflects the Positive Outlook.

Strong integration with its owning counties, high strategic importance in regional development, a strong market position, and resilient toll revenue are strengths. High leverage and significant capital expenditure are challenges.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.