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Announcement:

CORRECTION TO TEXT, JUNE 15, 2006 RELEASE: MOODY'S INTRODUCES A NATIONAL SCALE RATING SYSTEM FOR THE CZECH REPUBLIC

13 Jul 2006
CORRECTION TO TEXT, JUNE 15, 2006 RELEASE: MOODY'S INTRODUCES A NATIONAL SCALE RATING SYSTEM FOR THE CZECH REPUBLIC

Correct rating of BH Securities is Baa3.cz with stable outlook. Outlook for City of Beroun is stable. Revised release follows.

Prague, July 13, 2006 -- Moody's Investors Service ('Moody's') has introduced a new National Rating Scale for use in the Czech Republic.

The new rating scale provides a ranking of relative creditworthiness (including relevant external support) in the Czech Republic and will use Moody's globally recognized rating symbols, modified with a '.cz' marker. Moody's Investors Service will continue to issue within the Czech Republic global scale ratings comparable internationally, which would not carry the '.cz' marker.

"Investors and other users of credit ratings have found National Scale Ratings to be helpful in providing greater differentiation among credits within a country, says Frederic Drevon, Senior Managing Director - Europe. "In the Czech Republic, this is particularly beneficial since global scale ratings for most domestic issuers are clustered around a more narrow rating range, and the Czech national rating scale divides the ratings more finely within these clusters," adds Drevon. Overall, Moody's believes NSRs provide enhanced transparency regarding the local credit market environment.

"NSRs will benefit Czech issuers that are active in the developing domestic capital markets, particularly in the banking sector as Czech financial institutions adhere to Basel II requirements," says Petr Vins, General Manager - Moody's Central Europe. Moody's introduction of NSRs in the Czech Republic coincides with the strong development of the country's mutual fund sector and potential pension reforms that could accelerate growth in the Czech capital markets.

Moody's has today also published a Rating Methodology entitled "National Scale Ratings in the Czech Republic", which provides a detailed explanation of how Moody's develops and implements national scale systems.

National Scale Ratings can be understood as a relative ranking of creditworthiness (including relevant external support) within a particular country. While the symbols and definitions are consistent with National Scale Rating systems in other countries where Moody's provides such ratings, National Scale Ratings are not designed to be compared among countries as are Moody's global scale ratings; rather, they address relative credit risk within a given country. The use of National Scale Ratings by investors is only appropriate within that portion of a portfolio that is exposed to a given country's local market, not taking into consideration the various risks implied by that country's foreign currency ceiling (Aa1 for the Czech Republic) or its local currency guideline (Aaa).

The following National Scale ratings have been assigned:

BH Securities: Long-term national scale issuer rating of Baa3.cz with a stable outlook

City of Beroun: Long-term national scale issuer rating of Aa2.cz with a stable outlook

City of Klatovy: Long-term national scale issuer rating of Aa1.cz with a stable outlook

City of Prostejov: Long-term national scale issuer rating of Aa1.cz with a stable outlook

City of Zdar nad Sazavou: Long-term national scale issuer rating of Aa1.cz with a stable outlook

Home Credit a.s.: Long-term national scale issuer rating of A3.cz with a stable outlook

Orco Property Group S.A.: Long-term national scale issuer rating of A3.cz under review for possible downgrade

OREA Hotels a.s.: Long-term national scale issuer rating of Ba1.cz with a stable outlook

Region of Liberecky: Long-term national scale issuer rating of Aa1.cz with a stable outlook

Statni fond dopravni infrastruktury: Long-term national scale issuer rating of Aaa.cz with a stable outlook

Teplarna Strakonice, a.s.: Long-term national scale issuer rating of Aa2.cz with a stable outlook

Vojenske lesy a statky CR, s.p.: Long-term national scale issuer rating of Aaa.cz with a stable outlook

Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis. The firm's ratings and analysis track over $35 trillion of debt covering approximately 170,000 corporate, government and structured finance securities, over 100,000 public finance obligations, 10,000 corporate relationships, and 100 sovereign nations. Moody's also publishes credit opinions, research and commentary that reach more than 2,600 institutions and 16,500 users around the globe. Moody's Investors Service is a subsidiary of Moody's Corporation (NYSE: MCO), which employs approximately 2,900 employees in 22 countries and had revenue of $1.7 billion in 2005. Additional information about the company is available at www.moodys.com.

London
Frederic Drevon
Managing Director
Moody's Europe
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Johannes Wassenberg
Managing Director
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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