This Friday S&P will update Austria,........>

RATINGS: This Friday S&P will update Austria, Cyprus, Finland, Lux & Portugal.

- Austria was last rating on Mar 17 when the AA+ stable rating was affirmed.

This rating is equivalent to other rating agencies and reading the report, the

ratings triggers for an upgrade have shown few surprises since March.

- Cyprus was assessed on Mar 17 and was raised to BB+. S&P is more generous than

other ratings firms so, a change is unlikely tomorrow.

- Finland was assessed on Mar 17 at which time the AA+ stable rating was

affirmed. This rating is equivalent to other rating agencies. Note that the

agency mentioned events that could prompt an upgrade are are coming to fruition

"a better-than-expected impact of Nordea Bank Finland's transformation into a

branch and the contemplated move by Danske Bank, or if current account receipts

grew much quicker as a result of a strong rebound in exports." However, a

positive outlook may need to wait longer.

- Portugal was assessed on Mar 17 when the AA+ stable rating was affirmed. This

rating is equivalent to other rating agencies. Upgrade triggers have probably

not moved sufficiently in the past 6 months.