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Austrias rating wont be hit by state debt vehicle for Hypo

The AA+ credit rating that Austria has held for a long time will not be shaken by the plan to absorb the bad assets from ailing bank Hypo Alpe Adria into state debt, according to a financial services company.

US company Standard & Poor's announced on Tuesday that the increasing likeliness of the Austrian government to set up a state-run 'bad bank' will not immediately damage the country's debt ratings.

The company released a statement the day after Austria wrote off the possibility of other healthy banks absorbing some of Hypo's 19 billion Euros in assets, a plan favoured by the Finance Ministry.

The US financial agency explained that the rating already incorporated the expected impact a wide-down vehicle would have on the country's public finances.

"Although the establishment of the wind-down unit will increase Austria's ratio of net general government debt to GDP, expected contingent liabilities will decrease by a comparable amount," S&P said.

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