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Export Development Canada
Export-Import Bank of China (The)
Export-Import Bank of India
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Federal Home Loan Bank of Atlanta
Federal Home Loan Bank of Boston
Federal Home Loan Bank of Chicago
Federal Home Loan Bank of Cincinnati
Federal Home Loan Bank of Dallas
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Federal Home Loan Bank of Indianapolis
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Gulf Investment Corporation G.S.C.
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HMN Naturgas I/S
Hong Kong Mortgage Corporation Ltd. (The)
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Kazakhstan Electricity Grid Operating Company
Kemira Oyj
Kommunalbanken AS
KommuneKredit
Kommuninvest i Sverige Aktiebolag
Korea Deposit Insurance Corporation
Korea East-West Power Co., Ltd.
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Korea Expressway Corporation
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Korea Hydro & Nuclear Power Co., Ltd.
Korea Land Corporation
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Announcement:

MOODY'S TO EXAMINE RATINGS ON VARIOUS GOVERNMENT-RELATED ISSUERS IN CONNECTION WITH THE INTRODUCTION OF JOINT-DEFAULT ANALYSIS

28 Apr 2005

New York, April 28, 2005 -- Moody's Investors Service announced today that it plans to examine ratings on various government related issuers (GRIs) by midyear. Any rating actions will result from the implementation of joint-default analysis methodology to the sector. Moody's announced on February 17, 2005 that it will introduce joint-default analysis into its non-structured ratings on a sector-by-sector basis, beginning with GRIs, followed by banks and then by non-US regional and local governments.

The rating agency defines a GRI as an entity with full or partial government ownership or control, a special charter, or a public-policy mandate from the national or local government. Issuers fully or partially owned (or controlled) by a GRI may also be included in the new approach.

Implementation guidelines for the GRI sector are contained in the Rating Methodology document "The Application of Joint Default Analysis to Government Related Issuers," published today. The guidelines represent an elaboration and systematization of the rating agency's prior approach to rating issuers with full or partial government support. They take explicit account of each GRI's baseline default risk assessment, the supporting government's default risk, an estimate of default dependence between the two entities and the estimated probability of government support.

Moody's notes that the likely result of the new methodology will be that ratings for most GRIs will be either affirmed or raised, though a few may see ratings lowered. Upgrades would generally reflect the fact that prior rating decisions placed insufficient emphasis on the role of government support. The new methodology directly accounts for any support and formally incorporates such support into the final GRI rating.

In an effort to improve rating transparency, Moody's intends to publish ranges for certain inputs to the rating process. The dependence factor and support probability will be expressed as being low, medium or high. Likewise, the baseline risk of the GRI will be expressed as falling within a risk scale ranging between 1 and 6, where 1 represents the lowest risk.

All rated GRIs are being evaluated under the revised methodology to determine if any rating adjustments are warranted. Once the process is complete, the rating agency will disclose revised rating lists on a region-by-region basis.

Below please find a list of GRIs with published ratings that will be covered by the new methodology:

Argentina:

Petrobras Energia S.A.

Aruba:

Aruba Airport Authority N.V.

Australia:

Snowy Hydro Ltd.

State Electricity Commission of Victoria

Telstra Corporation Ltd.

Austria:

Bundesimmobiliengesellschaft mbH

EVN AG

Oesterreichische Elektrizitaetswirtschafts-AG (Verbund)

Pfandbriefstelle der Österreich. Landes-Hyp.

Telekom Austria AG

Belgium:

Belgacom Societe Anonyme de Droit Public

Infrabel

Societe Nationale des Chemin de Fer Belges

Societe Publique de Gestion L'Eau SA

Brazil:

Banco Nacional Desenvolvimento Economico e Social

Companhia de Saneamento do Parana (SANEPAR)

Companhia Energetica de Brasilia (CEB)

Companhia Energetica de Minas Gerais (CEMIG)

Companhia Paranaense de Energia (COPEL)

Companhia Riograndense de Saneamento (CORSAN)

Companhia Siderurgica Nacional - CSN

Companhia Vale do Rio Doce -- CVRD

Investco S.A.

Furnas Centrais Elétricas

Machadinho Energetica S.A.

Petrobras International Finance Company

Petroleo Brasileiro S.A. (PETROBRAS)

Vale Overseas Ltd.

Bulgaria:

TPP Varna EAD

Canada:

55 School Board Trust

Aeroports de Montreal

Alberta Capital Finance Authority

ATB Financial

Brilliant Power Corporation

British Columbia Hydro & Power Authority

Business Development Bank of Canada

Canada Housing Trust No. 1

Canada Mortgage and Housing Corporation

Canadian Wheat Board

CDP Financial Inc.

Concordia University

Edmonton Regional Airports Authority

Export Development Canada

Farm Credit Canada

Financement Quebec

Greater Toronto Airports Authority

Greater Vancouver Transportation Authority (GVTA)

Hydro One Inc.

Hydro-Quebec

Immobiliere SHQ

Manitoba Hydro Electric Board

McGill University

Municipal Financial Authority of British Columbia

NAV CANADA

New Brunswick Power Corporation

Newfoundland Municipal Finance Corporation

Ontario Electricity Financial Corporation

Ontario Power Authority

Ontario School Board Financing Corporation

Ontario Strategic Infrastructure Financing Authority

Ottowa MacDonald-Cartier International Airport Authority

Simon Fraser University

Universite du Quebec a Montreal

University of British Columbia

University of Ontario Institute of Technology

University of Ottawa

University of Toronto

Winnipeg Airports Authority Inc.

Cayman Islands:

Nacional Financiera, SNC, Grand Cayman Branch

Chile:

Corporacion Nacional del Cobre de Chile

Empresa Nacional del Petroleo S.A.

HQI Transelec Chile S.A.

China:

China Development Bank

China Mobile (Hong Kong) Ltd.

China National Offshore Oil Corporation

CITIC Group

CITIC Hong Kong Finance Ltd.

CITIC Pacific Ltd.

CNOOC Ltd.

Export-Import Bank of China

GH Water Supply (Holdings) Ltd.

Croatia:

Croatian Bank for Reconstruction & Development

Bina-Istra d.d.

Czech Republic:

Aero Vodochody a.s.

CEZ Finance B.V.

Czech Export Bank, a.s.

Denmark:

Danmarks Skibskreditfond

Dong A/S

Great Belt A/S

Hovedstadsregionens Naturgas I/S

KommuneKredit

Mortgage Bank of Denmark

Naturgas Midt/Nord I/S

Oresunskonsortiet

El Salvador:

BMI - Banco Multisectorial de Inversiones

Estonia:

Eesti Energia AS

Finland:

Fingrid Oyj

Fortum Oyj

Kemira Oyj

Municipal Guarantee Board (MGB)

Municipality Finance plc

France:

Agence Française de Développement

CADES- Caisse d'Amortissement de la Dette Sociale

Caisse des Dépôts et Consignations

Caisse Nationale des Auto

CEPME- Crédit d'Equipement des Petites et Moyennes Entreprises

Charbonnages de France

Electricite de France

ERAP

European Aeronautic Defense & Space Co.

France Telecom

FRANs 2003 Plc

Gaz de France

Regie Autonome des Transports Parisiens

Regie Autonome.des Transports Paris

Reseau Ferre de France

SANEF S.A.

Societe Nationale des Chemin de Fer Francaise

Thales

TSA

UNEDIC

Germany:

Deutsche Bahn AG

Deutsche Post AG

Deutsche Telekom AG

DFS Deutsche Flugsicherung

Energie Baden-Wuerttemberg

EWE AG

IKB Deutsche Industriebank AG

Kreditanstalt für Wiederaufbau

Landeskreditbank Baden-Württemberg Förderbank

Landwirtschaftliche Rentenbank

LfA Förderbank Bayern

NRW Bank

Greece:

OTE PLC

Public Power Corporation S.A.

Hong Kong:

Hong Kong Mortgage Corporation

Kowloon-Canton Railway Corporation

MTR Corporation Ltd.

Hungary:

FHB - Land Credit and Mortgage Bank

MFB - Hungarian Development Bank Ltd.

Iceland:

Housing Finance Fund

Landsvirkjun

India:

Export-Import Bank of India

Housing & Urban Development Corporation Ltd.

IFCI Ltd.

Indian Oil Corporation Ltd.

Indian Railway Finance Corporation

Industrial Development Bank of India Ltd.

National Thermal Power Corporation

Power Finance Corporation Ltd.

Indonesia:

Perusahaan Gas Negara (P.T.)

PT Aneka Tambang (Persero) Tbk

Telekomunikasi Indonesia (P.T.)

Telekomunikasi Selular (P.T.)

Ireland:

BGE - Bord Gais Eireann

Israel:

Bezeq Israeli Telecommunication Corporation Ltd.

The Israel Electric Corporation Ltd.

Italy:

Acquedotto Pugliese SpA

Cassa Deposit e Prestiti S.p.A.

ENEL S.p.A.

ENI S.p.A.

Finmeccanica S.p.A.

Mediocredito Trentino Alto Adige S.p.A.

Poste Italiane S.p.A.

Japan:

Development Bank of Japan

Hanshin Express Public Corporation

Japan Bank for International Cooperation

Japan Finance Corporation for Municipal Enterprises

Japan Finance Corporation for Small Medium Enterprise

Japan Highway Public Corporation

Japan Tobacco Inc.

Nippon Telegraph & Telephone Corporation

Shoko Chukin Bank

Urban Renaissance Agency

Kazakhastan:

Astana Finance

Intergas Central Asia

Kazakhstan Development Bank

Kazakhstan Electricity Grid Operating Co.

Kazakhstan Temir Zholy

KazTransOil

Korea:

Korea Deposit Insurance Corporation

Korea East-West Power Co., Ltd.

Korea Electric Power Corporation

Korea Gas Corporation

Korea Highway Corporation

Korea Housing Corporation

Korea Hydro and Nuclear Power Co. Ltd.

Korea Land Corporation

Korea Midland Power Co., Ltd.

Korea Rail Network Authority

Korea South-East Power Co., Ltd.

Korea Southern Power Co., Ltd.

Korea Water Resources Corporation

The Export-Import Bank of Korea

Kuwait:

Gulf Investment Corporation

Latvia:

Latvenergo

Mortgage and Land Bank of Latvia

Malaysia:

Malaysia International Shipping Corporation Berhad

Petroliam Nasional Berhad (Petronas)

Sarawak Economic Development Corporation

Telekom Malaysia Berhad

Tenaga Nasional Berhad

Mexico:

Autopista Monterrey-Cadereyta

Banco Nacional de Comercio EXTERIOR, SNC

Nacional Financiera, SNC

OPDM de Tlalnepantla

Pemex Project Funding Master Trust

Petroleos Mexicanos (PEMEX)

SIAPA - Sistema Intermunicipal para los Servicios de Agua Potable y Alcantrillado

SIDEAPA - Sistema Deascentralizado de Agua Potable y Alcantarillado

Sociedad Hipotecaria Federal, S.N.C.

TFM, S.A. de C.V.

Netherlands:

Bank Nederlandse Gemeenten N.V.

Energie Beheer Nederland B.V.

Essent N.V.

N.V Luchthaven Schipol

Nederlandse Gasunie N.V.

Nederlandse Waterschapsbank

Nuon N.V.

TNT NV

Waarborgfonds Sociale Woningbouw

New Zealand:

Air New Zealand Ltd.

Housing New Zealand Ltd.

Transpower New Zealand Ltd.

Norway:

Eksportfinans ASA

Kommunalbanken AS

Norges Statsbaner AS

Norsk Hydro ASA

Statkraft SF

Statnett SF

Statoil ASA

Telenor ASA

Yara International ASA

Oman:

Oman LNG L.L.C.

Panama:

Banco Latinoamericano de Exportaciones, S.A.

Poland:

Polskie Gornictwo Naftowe I Gazownnictow SA

Portugal:

ANA - Aeroportos de Portugal, S.A.

Energias de Portugal, S.A.

Parpublica

Radiotelevisao Portuguesa s.a.

Rede Ferroviaria Nacional-REFER, E.P.

Qatar:

Ras Laffan Liquefied Natural Gas Co. Ltd.

Romania:

CFR Marfa, S.A.

Compania Nationala de Cai Ferate CFR S.A.

Hidroelectrica S.A.

Societatea Nationala a Petrolului Petrom S.A.

Transelectrica S.A.

Russia:

Alrosa Co. Ltd.

OAO AK Transneft

OAO Southern Telecommunications Co.

OJSC Gazprom

OJSC Oil Co. Rosneft

Russian Railways Joint Stock Co.

Singapore:

Indonesian Satellite Corporation Tbk (P.T.)

Singapore Power Ltd.

Singapore Technologies Engineering Ltd.

Singapore Telecommunications Ltd.

SP PowerAssets Ltd.

SPI Australia Holdings Ltd. Pt

STATS ChipPAC Ltd.

Temasek Holdings Ltd.

The PSA Corporation

Slovakia:

Eximbanka SR

Slovak Guarantee & Development Bank (SZRB)

South Africa:

Development Bank of Southern Africa

Eskom Holdings Ltd.

Industrial Development Corporation of South Africa

Telkom SA Ltd.

Transnet Ltd.

Spain:

Administrador Infraestruct. Ferrovarias

Consorcio de Transportes de Bizkaia

Corporacion de Reservas Estrategicas de Productos Petroliferos

Ente Publico Radio Television Española

Instituto de Credito Oficial

Red Electrica de Espana

Sociedad Estatal Participaciones Industriales

Sweden:

Kommuninvest i Sverige Aktiebolag

SAS AB

Swedish Export Credit Corporation

Swedish Housing Finance Corporation

TeliaSonera AB

Vattenfall AB

Venantius AB

Switzerland:

Emissionszentrale der Schweizer Gemeinden (ESG)

Thailand:

Electricity Generating Authority of Thailand

Export-Import Bank of Thailand

PTT Exploration & Production International Ltd.

PTT Exploration & Production Public Co. Ltd.

The Philippines:

Napocor

Trinidad & Tobago:

Petroleum Co. Of Trindidad & Tobago (PETROTRIN)

Phoenix Park Gas Processors Ltd

Turkey:

Export Credit Bank of Turkey A.S.

United States:

Federal Farm Credit Banks

Federal Home Loan Bank of Atlanta

Federal Home Loan Bank of Boston

Federal Home Loan Bank of Chicago

Federal Home Loan Bank of Cincinnati

Federal Home Loan Bank of Dallas

Federal Home Loan Bank of Des Moines

Federal Home Loan Bank of Indianapolis

Federal Home Loan Bank of New York

Federal Home Loan Bank of Pittsburgh

Federal Home Loan Bank of San Francisco

Federal Home Loan Bank of Seattle

Federal Home Loan Bank of Topeka

Federal Home Loan Bank System

Federal Home Loan Mortgage Corporation

Federal National Mortgage Association

Financing Corporation

National Consumer Cooperative Bank

Private Export Funding Corporation

Resolution Funding Corporation

Tennessee Valley Authority

Ukraine:

Colvis Finance Ltd.

NJSC Naftogaz of Ukraine

United Kingdom:

NATS (En Route) plc

North British Housing Ltd.

Sanctuary Housing Association

Shaftesbury Housing Association

Uruguay:

Administracion Nacional de Combustibles -ANCAP

Venezuela:

Cerro Negro Finance Ltd.

Corporacion Andina de Fomento

Fertinitro Finance Inc.

Hamaca Holdings LLC

PDVSA Finance Ltd.

Petroleos de Venezuela S.A.

Petrozuata Finance Inc.

Sincrudos de Oriente - Sincor

* * * * * *

NOTE TO JOURNALISTS ONLY: For further details, please contact New York Press Information +1-212-553-0376; Anna Passey in London +44-20-7772-5456; Louisa Pearce-Smith in Paris +33-1-5330-1073; Juan Pablo Soriano in Madrid +34-91-310-1454; Henry McNevin in Milan +39-02-58-215-580; Hector Lim in Sydney +612 9270 8102; Detlef Scholz in Frankfurt +49-69-707-30-700; Adel Satel in Limassol +357-25-586-586; Tokyo Press Information +813-5408-4110; Hilary Parkes in Toronto +1-416-214-1635; Hong Kong Press Information +852-2916-1150; Luiz Tess in São Paulo +55-11-3443-7444; Benito Solis in Mexico City +5255-9171-1817; José Fenner in Buenos Aires +54 11-4816-2332 ext. 118, or Reynold Leegerstee in Johannesburg +27-11-217-5471. Or visit our website at www.moodys.com.

New York
Jerome S. Fons
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Chris Mahoney
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

MOODY'S TO EXAMINE RATINGS ON VARIOUS GOVERNMENT-RELATED ISSUERS IN CONNECTION WITH THE INTRODUCTION OF JOINT-DEFAULT ANALYSIS
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© 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 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.

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