Fitch upgrades KA Finanz, notes

Fitch Ratings said it upgraded KA Finanz AG's long-term issuer default rating and senior unsecured notes to A+ from BBB+, short-term issuer default rating to F1+ from F2, support rating to 1 from 2 and support rating floor to A+ from BBB+.

The outlook remains stable.

The actions follow KA Finanz’s announcement that it agreed with the Austrian state (AA+/stable/F1+) a long-term refinancing plan covering most of the bank's funding needs with state funds until the completion of KA Finanz’s accelerated run-off plan.

Fitch said the upgrades reflect its assessment that the bank's state funding and accelerated wind-down plans have positive implications for the bank's senior creditors.

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