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Rating Action:

MOODY'S ASSIGNS TO LUKAS BANK S.A. LONG AND SHORT-TERM LOCAL CURRENCY DEPOSIT RATINGS OF Aa3/P-1, LONG AND SHORT-TERM FOREIGN CURRENCY DEPOSIT RATINGS OF A2/P-1 AND A FINANCIAL STRENGTH RATING OF C-; ALL RATING OUTLOOKS ARE STABLE

09 Dec 2005
MOODY'S ASSIGNS TO LUKAS BANK S.A. LONG AND SHORT-TERM LOCAL CURRENCY DEPOSIT RATINGS OF Aa3/P-1, LONG AND SHORT-TERM FOREIGN CURRENCY DEPOSIT RATINGS OF A2/P-1 AND A FINANCIAL STRENGTH RATING OF C-; ALL RATING OUTLOOKS ARE STABLE

London, 09 December 2005 -- First Time Ratings

London, 9 December 2005 -- Moody's assigned A2/Prime-1 to long- and short-term foreign currency bank deposit ratings and Aa3/Prime-1 to long- and short-term local currency bank deposit ratings of Lukas Bank S.A., as well as a financial strength rating (FSR) of C-. All ratings were assigned stable outlooks.

Lukas Bank S.A. is 100% controlled by Credit Agricole S.A., a French banking group rated Aa2/P-1/B+.

Lukas Bank S.A. was originally established in 1998, when Lukas S.A. became a strategic shareholder of Bank Swietokrzyski. In 2001, Credit Agricole S.A. (CASA) became a controlling shareholder of Lukas Bank (via Lukas S.A., a holding company), taking up a 100% stake, of which 75% are owned directly and 25% are owned indirectly via Europejski Fundusz Leasingowy (EFL), a Polish leasing company owned by CASA

Lukas bank is the second largest consumer finance bank in Poland with over 25% market share in consumer lending, offering its customers instalment loans, cash loans, credit cards, car loans and mortgages. The bank's distribution network includes both long channels - small shops, hypermarket chains, dealers, agents, and short channels - bank branches, credit centres, as well as the call centre and internet. The bank's strategy entails (1) remaining the market leader in consumer finance, maintaining the existing level of profitability and (2) rapidly developing its retail banking franchise to reach a meaningful market share in the medium term. The bank is planning to achieve its strategic goals via self-financed organic growth rather than via acquisitions.

Moody's indicated that Lukas Bank S.A. Aa3/P-1 local currency deposit rating is based on Credit Agricole S.A.'s (rated Aa2/P-1/B+) ultimate ownership of Lukas Bank and its key role within the CA Polska Group. The A2/P-1 foreign currency deposit rating is based on the domestic currency deposit rating but is constrained by Poland's A2 country ceiling for foreign currency bank deposit ratings.

Lukas Bank C- BFSR is based on the bank's strong franchise in Polish consumer finance market, as the bank is the second largest consumer lender in Poland, and on history of solid financial fundamentals of the bank over the last several years - high profitability, low cost/income ratio, adequate asset quality, stable retail funding base.

Going forward, Moody's stated that Lukas bank's foreign currency deposit rating, driven by the rating of Credit Agricole S.A., the bank's owner, remain constrained by the country ceiling and may be upgraded as the country ceiling for Poland is raised. The bank's deposit rating may be downgraded if its parent's rating or Poland foreign currency ratings are downgraded -- but both events are unlikely.

Lukas bank's FSR may come under upwards pressure if the bank will further meaningfully increase its market share in consumer lending or will develop a strong retail franchise, while at the same time maintaining the existing levels of profitability and controlling its cost base. Conversely, the bank's FSR may be downgraded if there is a material erosion in the bank's consumer lending franchise or a significant drop in profitability.

Headquartered in Wroclaw in Poland, Lukas Bank SA had total assets of PLN 4.7 bn (Euro 1.2 bn) at end-2004 and posted a net profit of PLN 245 mn (Euro 60 mn) at end-2004.

London
Yaroslav Sovgyra
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Adel Satel
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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