Friday, 07. March 2014
19. 02. 14. - 14:00
Hypo Tirol Bank AG and UniCredit Bank Austria AG are among some of the latest banks to have their ratings downgraded by ratings agency Moody's Investors Service.
Along with Vorarlberger Landes- und Hypothekenbank AG, the agency has slashed the ratings of some of their debt instruments, as well as placing the deposit ratings of Hypo Tirol Bank AG on review for downgrade.
The move is a reaction to uncertainty over whether the Austrian government will opt for allowing ailing lender Hypo Alpe Adria to go insolvent. Moody's said on Tuesday that they believe "bondholders may not be fully protected in that process".
The downgrades follow a similar stance taken by Moody last week when they also downgraded Hypo and the state of Carinthia, the region where the bank is based.
The triple A backed senior unsecured debt ratings of Pfandbriefstelle bank have also been placed on review for downgrade.
The option of creating a state 'bad bank' that would absorb the billions of debts held by Hypo is the preferred approach of the Austrian government although a final decision has not been made yet. Last week the US financial services company Standard & Poor's announced 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.
Ladies skiing offer at Stuhleck this weekend
In celebration of International Women's Day on Saturday 8 March, the Stuhleck ski resort in eastern Austrian is giving female skiers discount prices on ski passes.
Rediscovered 'degenerate' painting on show at Belvedere
A painting that was rediscovered in 2012, decades after it was seized by the Nazi's for being 'degenerate', is on display at the Belvedere Palace in Vienna.
Austrian Airlines spellcheck mishap
The online copyeditor for Austrian Airlines will be getting a slap on the wrist after it was embarrassingly revealed that the English version of their website is riddled with spelling and grammatical errors.
Carnival firemen answer 999 call as giant bees with handbags
Ten Austrian fireman ended up answering an emergency call for a serious road accident dressed as giant bumblebees after they got kitted out for a fancy dress parade on a carnival float shortly before they got the emergency call.
FPOe former press officer cleared over Nazi SS posts
The former press spokesperson for the Freedom Party (FPOe) has been cleared by prosecutors in Austria after Nazi quotes appeared on his Facebook page.
South Park game held back due to 'unconstitutional symbols'
Austria will have to wait a little bit longer to get the new game South Park: The Stick of Truth after game publisher Ubisoft announces that it is holding back the release due to the game containing "an unconstitutional symbol".
Co-working initiative comes to Innsbruck
The cultural initiative "Die Bäckerei" has brought the American trend of 'co-working' to Innsbruck in Austria.
Controversial former lobbyist Hochenegger on spiritual journey in Brazil
A former powerful lobbyist in Austria Peter Hochenegger now appears to be 'finding himself' on a spiritual journey whilst living in sunny Brazil.
Air China to fly to Spain via Vienna
A new four times weekly Air China flight between Beijing and Barcelona will stop off in Vienna when the route is launched on 5 May this year.
Telekoms Austria council to discuss America Movil shares pool
In response to calls for more information about a potential takeover of Telekoms Austria, the state holding company with shares the company have announced they will hold a meeting next week with the works council.
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