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Austria: VBAG Downgraded to Junk Status
Politics ♦
Published: March 29, 2014; 14:51 ♦ (Vindobona)
Moody´s has lowered VBAG´s rating. According to the rating agency, the partly nationalized Austrian bank has no investment grade anymore.
VBAG: Downgraded by Moody´s / Picture: © Österreichische Volksbanken-AG (ÖVAG)
Moody´s underlined that the Austrian government is not willing anymore to inject further capital into the distressed lender. The Republic of Austria has a shareholding of 43.3% in VBAG. Due to the distressed lender Hypo Group Alpe Adria, there are no funds available for VBAG, experts repeatedly said. This week, the Austrian Minister of Finance Michael Spindelegger confirmed that there…
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