Kommunalkredit issues Aaa bonds

VIENNA 20.05.2003 (ots/PROTEXT) - Kommunalkredit Austria, thespecialist bank for public finance, has become the first bank inAustria to receive a Moody's triple A rating for its bonds.Kommunalkredit's Managing Director Dr. Reinhard Platzer said:"We attribute this Aaa rating to a number of structural measureswhich have given us a new instrument for the internationalcapital market and to our excellent positioning in the market."

Kommunalkredit Covered Bonds are secured with a cover fundconsisting of securities and public sector debt securities inAustria.

In its research, UBS describes Kommunalkredit's covered bondsas "in some aspects even stronger than German publicPfandbriefe." The first bond will shortly be issued inSwitzerland with a volume of 500 m Swiss francs.

ots Original Text Service: Kommunalkredit Austria AG

Further information can be obtained from: KommunalkreditAustria AG Cornelia Schragl-Kellermayer Tel.: ++43 (0)1/31 631/532 Email:c.schragl@kommunalkredit.at http://www.kommunalkredit.at/ (this press release and photos ofour Board of Directors can be found in the publicity section) ~

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