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Rating Action:

MOODY'S ANNOUNCES RATING IMPACT OF 'GRI' METHODOLOGY FOR NON-DEPOSITARY FINANCIAL INSTITUTIONS IN THE EMEA REGION

30 Jun 2005
MOODY'S ANNOUNCES RATING IMPACT OF 'GRI' METHODOLOGY FOR NON-DEPOSITARY FINANCIAL INSTITUTIONS IN THE EMEA REGION

London, 30 June 2005 -- London, June 30, 2005 --Moody's Investors Service published today the results of an examination of the ratings of government-related non-depository financial institutions in Europe, the Middle East, and Africa (the EMEA region) in light of the introduction of its new rating methodology for government-related issuers ("GRIs").

In April 2005, Moody's published a Rating Methodology report, entitled "The Application of Joint-Default Analysis to Government-Related Issuers". The new methodology formally disaggregates the ratings of GRIs into four components: (i) an assessment of the GRI's baseline credit risk, (ii) the default risk of the supporting government, (iii) the default dependence between the GRI and the government, and (iv) the expected level of support from the government.

The application of the new methodology resulted in two rating actions. (i) a two-notch upgrade for, Gulf Investment Corporation (long term rating upgrade to A2 from Baa1). Gulf Investment Corporation is owned in equal parts by the six countries that comprise the Gulf Co-operation Council ("GCC") and its purpose is to support the economic development of the GCC and generate a return on investment for its owners. (ii) a one-notch upgrade for Swedish Finance Housing Corporation (SBAB) (long term rating upgrade to Aa3 from A1). SBAB is 100% owned by the Swedish government and provides retail and corporate mortgages.

The ratings and outlook for all other government-related non-depository financial institutions in the EMEA region were affirmed.

Below is a list of all non-depository financial institution GRIs in the EMEA region affected by the new rating methodology.

For a detailed discussion of how Moody's evaluates non-depository financial institution GRIs in practice, please refer to Moody's Special Comment entitled "Rating Government-Related Non-Depository Financial Institutions in the EMEA region", also published today.

As previously indicated, in addition to the ratings assigned to issuers and debt securities, Moody's has also published ranges of methodology inputs for each GRI, as follows:

- Baseline credit assessment, on a scale of 1 (lowest credit risk) to 6 (highest credit risk)

- Local currency bond rating of the supporting government (as published by Moody's)

- Dependence, expressed as low, medium or high

- Support, expressed as low, medium or high

For details of these input ranges for individual GRIs, please refer to the special comment, which

outlines the ranges of inputs and rating outcomes for every non-depository financial institution GRI in the EMEA region by country.

RATINGS CHANGES;

Gulf Investment Corporation, Kuwait

- Long term bank deposit rating upgraded to A2 from Baa1

- Senior unsecured long term rating upgraded to A2 from Baa1

- Financial strength rating of C- affirmed

- Short term bank deposit rating P-2 -affirmed

- Outlook on all ratings; Stable

Swedish Housing Finance Corp. (SBAB), Sweden

- Long term issuer rating upgraded to Aa3 from A1

- Senior unsecured long term rating upgraded to Aa3 from A1

- Subordinated long term rating upgraded to A1 from A2

- Short term rating P-1 affirmed

- Outlook on all ratings; Stable

RATINGS AFFIRMED;

Austria:

Pfandbriefstelle der Oesterreich. Landes-Hyp.

- Long term senior unsecured rating Aaa

- Long term public sector pfandbriefe rating Aaa

- Long term mortgage pfandbriefe rating Aaa

- Long term subordinate rating Aaa

- Short term rating P-1

- Outlook on all ratings; Stable

Croatia:

Croatian Bank for Reconstruction & Develop.

- Long term issuer rating Baa3

- Long term backed senior unsecured rating Baa3

- Outlook on all ratings; Stable

Czech Republic:

Czech Export Bank, a.s.

- Long term issuer rating A1

- Long term backed senior unsecured rating A1

- Short term issuer rating P-1

- Outlook on all ratings; stable

Denmark:

Danmarks Skibskreditfond

- Long term issuer rating Aa3 on review for possible downgrade

- Long term senior unsecured rating Aa3 on review for possible downgrade

France:

Agence Francaise de Developpement

- Long term backed senior unsecured rating Aaa

- Outlook; stable

Caisse Des Depots et Consignations

- Long term issuer rating Aaa

- Long term bank deposit rating Aaa

- Short term bank deposit rating P-1

- Outlook for all ratings; stable

Credit d'Equipement des PME (CEPME)

- Long term backed senior unsecured rating Aaa

- Outlook; stable

Germany:

IKB Deutsche Industriebank AG

- Long term bank deposit rating Aa3

- Long term senior unsecured rating Aa3

- Long term subordinate rating A1

- Financial strength rating B-

- Short term deposit rating P-1

- Outlook on all ratings; Stable

Kreditanstalt fuer Wiederaufbau

- Long term bank deposit rating Aaa

- Long term senior unsecured rating Aaa

- Short term bank deposit rating P-1

- Outlook on all ratings; stable

Landeskreditbank Baden-Wuerttemberg Foerderbk

- Long term bank deposit rating Aaa

- Long term issuer rating Aaa

- Long term mortgage pfandbriefe rating Aaa

- Long term senior unsecured rating Aaa

- Long term subordinate rating Aaa

- Short term bank deposit rating P-1

- Outlook on all ratings; Stable

Landwirtschaftliche Rentenbank

- Long term bank deposit rating Aaa

- Long term public-sector pfandbriefe rating Aaa

- Long term mortgage pfandbriefe rating Aaa

- Long term senior secured rating Aaa

- Long term subordinate rating Aaa

- Short term bank deposit rating P-1

- Outlook on all ratings; Stable

LfA Foerderbank Bayern

- Long term bank deposit rating Aaa

- Long term senior unsecured rating Aaa

- Short term bank deposit rating P-1

- Outlook on all ratings; Stable

NRW.Bank

- Long term issuer rating Aa2

- Short term rating P-1

- Outlook on all ratings; Stable

Hungary:

Hungarian Development Bank Ltd (MFB)

- Long term bank deposit rating A1

- Long term senior unsecured rating A1

- Short term bank deposit rating P-1

- Outlook on all ratings; Stable

Iceland:

Housing Financing Fund

- Long term issuer rating Aaa

- Long term backed senior unsecured rating Aaa

- Outlook on all ratings: Stable

India:

Export-Import Bank of India

- Long term bank deposit rating Ba2

- Long term issuer rating Baa3

- Long term senior unsecured rating Baa3

- Short term bank deposit rating NP

- Outlook on all ratings; Stable

HUDCO-Housing & Urban Development Corp. Ltd

- Long term issuer rating Baa3

- Outlook; Stable

IFCI Limited

- Long term issuer rating Baa3

- Outlook; Stable

Indian Railway Finance Corp.

- Long term issuer rating Baa3

- Outlook; Stable

Power Finance Corporation Limited

- Long term senior unsecured rating Baa3

- Outlook; Stable

Italy:

Cassa Depositi e Prestiti S.p.A.

- Long term issuer rating Aa2

- Outlook; Stable

Mediocredito Trentino-Alto Adige S.p.A.

- Long term bank deposit rating Aa3

- Long term senior unsecured rating Aa3

- Financial strength rating C-

- Short term bank deposit rating P-1

- Outlook on all ratings: Stable

Kazakhastan:

Astana Finance

- Long term issuer rating Ba1

- Outlook; Stable

Development Bank of Kazakhstan

- Long term issuer rating Baa3

- Long term senior unsecured rating Baa3

- Outlook on all ratings; Stable

Kazakhstan Mortgage Company JSC

- Long term issuer rating -Domestic Baa2

- Outlook; Stable

Latvia:

Mortgage and Land Bank of Latvia

- Long term bank deposit rating A2

- Covered bonds rating A1

- Financial strength rating D-

- Short term bank deposit rating P-1

- Outlook on all ratings; Stable

Netherlands:

Bank Nederlandse Gemeenten N.V.

- Long term bank deposit rating Aaa

- Long term issuer rating Aaa

- Long term senior unsecured rating Aaa

- Financial strength rating A

- Short term bank deposit rating P-1

- Outlook on all ratings; Stable

Nederlandse Waterschapsbank N.V.

- Long term bank deposit rating Aaa

- Long term senior unsecured rating Aaa

- Financial strength rating A-

- Short term bank deposit rating P-1

- Outlook on all ratings; Stable

Norway:

Eksportfinans ASA

- Long term issuer rating Aaa

- Long term senior unsecured rating Aaa

- Long term subordinate rating Aa1

- Long term preferred stock rating Aa2

- Short term rating P-1

- Outlook on all ratings; Stable

Slovakia:

Eximbanka SR

- Long term bank deposit rating A2

- Short term bank deposit rating P-1

- Outlook on long term rating; Positive

Slovak Guarantee and Development Bank (SZRB)

- Long term bank deposit rating A2

- Short term bank deposit rating P-1

- Outlook on long term rating: Positive

South Africa:

Development Bank of Southern Africa

- Long term issuer rating Baa1

- Outlook; Stable

Spain:

Instituto de Credito Oficial

- Long term backed senior unsecured rating Aaa

- Short term rating P-1

- Outlook on all ratings: Stable

Sweden:

Swedish Export Credit Corporation

- Long term issuer rating Aa1

- Long term senior unsecured rating Aa1

- Long term subordinate rating Aa2

- Long term preferred stock rating Aa3

- Short term rating P-1

- Outlook on all ratings; Stable

Venantius AB

- Long term senior unsecured rating Aaa

- Outlook on all ratings; Stable

Limassol
Adel Satel
Managing Director
Financial Institutions Group
Moody's Investors Service Cyprus Limited
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Janne Thomsen
Senior Vice President
Financial Institutions 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.

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

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