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Rating Action:

Moody's Announces Rating Impact of Joint Default Analysis Methodology for Regional and Local Governments in Europe, Middle-East and Africa (EMEA)

15 Dec 2006

London, 15 December 2006 -- Moody's Investors Service published today the rating results of the application of the joint default analysis (JDA) methodology for regional and local governments (RLGs) in EMEA.

In October 2006, Moody's published a Special Comment report, entitled "The Application of Joint Default Analysis to Regional and Local Governments". The JDA methodology formally disaggregates the ratings of RLGs into four components: (i) an assessment of the RLG's baseline credit risk (BCA) (on a scale of 1 to 21, where 1 represents the equivalent risk of Aaa, 2 represents Aa1 and so forth), (ii) the higher-tier or supporting government's domestic currency rating, (iii) an estimate of the default dependence between the RLG and the supporting government (expressed as a percentage), and (iv) an estimate of the likelihood of extraordinary support from the supporting government (expressed as a percentage).

The application of JDA in EMEA resulted in 55 RLG ratings upgraded, 85 RLG ratings affirmed, and 3 RLG ratings downgraded.

Below is a list of the JDA inputs and final ratings for all the RLGs in EMEA affected by the new rating methodology.

AUSTRIA

RLG Ratings Upgraded

Lower Austria, State of -- issuer rating upgraded to Aaa with stable outlook from Aa1/stable, based on a BCA of 2, Aaa rating on the Republic of Austria, 80% probability of support, 90% default dependence

RLG Ratings Affirmed

Vienna, City-State of -- issuer and debt ratings affirmed at Aaa with stable outlook, based on a BCA of 1, Aaa rating on the Republic of Austria, 80% probability of support, 90% default dependence

BELGIUM

RLG Ratings Upgraded

Walloon Region -- debt rating upgraded to Aa2 with positive outlook from Aa3/stable, based on a BCA of 4, Aa1 rating with positive outlook on the Kingdom of Belgium, 80% probability of support, 90% default dependence

Flanders, Region of -- debt rating upgraded to Aaa with stable outlook from Aa1/stable, based on a BCA of 1, Aa1 rating with positive outlook on the Kingdom of Belgium, 80% probability of support, 90% default dependence

RLG Ratings Affirmed

Communaute Francaise de Belgique -- issuer and debt ratings affirmed at Aa1 but with a positive outlook from stable, based on a BCA of 2, Aa1 rating with positive outlook on the Kingdom of Belgium, 80% probability of support, 90% default dependence

BULGARIA

RLG Ratings Affirmed

Pazardjik, City of -- issuer rating affirmed at Ba3 with stable outlook based on a BCA of 13, Baa3 rating on Bulgaria, 5% probability of support, 90% default dependence

CROATIA

RLG Ratings Upgraded

Zagreb, City of -- issuer rating upgraded to Baa1 with stable outlook from Baa2/stable, based on a BCA of 8, Baa1 rating on Croatia, 65% probability of support, 70% default dependence

CZECH REPUBLIC

Global Scale RLG Ratings Upgraded

Brno, City of -- issuer and debt rating upgraded to A2 with stable outlook from A3/stable, based on a BCA of 7, A1 rating with positive outlook on the Czech Republic, 35% probability of support, 90% default dependence

Moravian-Silesian, Region of -- issuer rating upgraded to A2 with stable outlook from A3/stable, based on a BCA of 7, A1 rating with positive outlook on the Czech Republic, 35% probability of support, 90% default dependence

Ostrava, City of -- issuer rating upgraded to A2 with stable outlook from A3/stable, based on a BCA of 7, A1 rating with positive outlook on the Czech Republic, 35% probability of support, 90% default dependence

Prague, City of -- issuer rating upgraded to A1 with stable outlook from A2/stable, based on a BCA of 6, A1 rating with positive outlook on the Czech Republic, 80% probability of support, 90% default dependence

National Scale RLG Ratings Upgraded

Beroun, City of -- issuer national scale rating upgraded to Aa1.cz with stable outlook from Aa2.cz/stable, based on a BCA of 8, A1 global scale rating with positive outlook on the Czech Republic, 35% probability of support, 90% default dependence

Pribram, City of -- issuer national scale rating upgraded to Aa1.cz with stable outlook from Aa2.cz/stable, based on a BCA of 8, A1 global scale rating with positive outlook on the Czech Republic, 35% probability of support, 90% default dependence

Trebic, City of -- issuer national scale rating upgraded to Aa1.cz with stable outlook from Aa2.cz/stable, based on a BCA of 8, A1 global scale rating with positive outlook on the Czech Republic, 35% probability of support, 90% default dependence

Ústi nad Orlici, City of -- issuer national scale rating upgraded to Aa1.cz with stable outlook from Aa2.cz/stable, based on a BCA of 8, A1 global scale rating with positive outlook on the Czech Republic, 35% probability of support, 90% default dependence

National Scale RLG Ratings Affirmed

Ceska Lipa, City of -- issuer national scale rating affirmed at Aa1.cz with stable outlook, based on a BCA of 6, global scale A1 rating with positive outlook on the Czech Republic, 35% probability of support, 90% default dependence

Klatovy, City of -- issuer national scale rating affirmed at Aa1.cz with stable outlook, based on a BCA of 7, global scale A1 rating with positive outlook on the Czech Republic, 35% probability of support, 90% default dependence

Liberec, Region of -- issuer national scale rating affirmed at Aa1.cz with stable outlook, based on a BCA of 7, global scale A1 rating with positive outlook on the Czech Republic, 35% probability of support, 90% default dependence

Plzen, Region of -- issuer national scale rating affirmed at Aa1.cz with stable outlook, based on a BCA of 6, global scale A1 rating with positive outlook on the Czech Republic, 35% probability of support, 90% default dependence

Prostejov, City of -- issuer national scale rating affirmed at Aa1.cz with stable outlook, based on a BCA of 6, global scale A1 rating with positive outlook on the Czech Republic, 35% probability of support, 90% default dependence

Uherske Hradi?te, City of -- issuer national scale rating affirmed at Aa1.cz with stable outlook, based on a BCA of 7, global scale A1 rating with positive outlook on the Czech Republic, 35% probability of support, 90% default dependence

Ústi, Region of -- issuer national scale rating affirmed at Aa1.cz with stable outlook, based on a BCA of 7, global scale A1 rating with positive outlook on the Czech Republic, 35% probability of support, 90% default dependence

Zdar nad Sazavou, City of -- issuer national scale rating affirmed at Aa1.cz with stable outlook, based on a BCA of 7, global scale A1 rating with positive outlook on the Czech Republic, 35% probability of support, 90% default dependence

DENMARK

RLG Ratings Upgraded

City of Copenhagen, -- debt rating upgraded to Aaa with stable outlook from Aa1/stable, based on a BCA of 1, Aaa rating on the Kingdom of Denmark , 95% probability of support, 70% default dependence

FRANCE

RLG Ratings Upgraded

Lot et Garonne, Departement of -- issuer rating upgraded to Aa3 with stable outlook from A2/stable, based on a BCA of 4, Aaa rating on the Republic of France, 20% probability of support, 70% default dependence

RLG Ratings Affirmed

Cergy-Pontoise, Intermunicipality of -- issuer rating affirmed at Aa3 with stable outlook, based on a BCA of 4, Aaa rating on the Republic of France, 20% probability of support, 70% default dependence

Champagne-Ardennes, Region of -- issuer and debt ratings affirmed at Aa2 with stable outlook, based on a BCA of 3, Aaa rating on the Republic of France, 20% probability of support, 90% default dependence

Clichy-sous-bois, City of -- issuer rating affirmed at A1 with stable outlook, based on a BCA of 5, Aaa rating on the Republic of France, 20% probability of support, 90% default dependence

Ile de France, Region of -- issuer and debt ratings affirmed at Aaa with stable outlook, based on a BCA of 1, Aaa rating on the Republic of France, 35% probability of support, 90% default dependence

Lyon, City of -- issuer and debt ratings affirmed at Aa2 with stable outlook, based on a BCA of 3, Aaa rating on the Republic of France, 20% probability of support, 70% default dependence

Manche, Departement of -- issuer rating affirmed at Aa1 with stable outlook, based on a BCA of 2, Aaa rating on the Republic of France, 20% probability of support, 70% default dependence

Narbonne, City of -- issuer rating affirmed at Aa2 with stable outlook, based on a BCA of 3, Aaa rating on the Republic of France, 20% probability of support, 70% default dependence

Plan-de-Cuques, City of -- issuer rating affirmed at Aa1 with stable outlook, based on a BCA of 2, Aaa rating on the Republic of France, 20% probability of support, 70% default dependence

Rhône-Alpes, Region of -- issuer and debt ratings affirmed at Aaa with stable outlook, based on a BCA of 1, Aaa rating on the Republic of France, 20% probability of support, 90% default dependence

Saint-Mande, City of -- issuer rating affirmed at Aa2 with stable outlook, based on a BCA of 3, Aaa rating on the Republic of France, 20% probability of support, 70% default dependence

Villeurbanne, City of -- issuer rating affirmed at Aa1 with stable outlook, based on a BCA of 2, Aaa rating on the Republic of France, 20% probability of support, 70% default dependence

GERMANY

RLG Ratings Upgraded

Berlin, Land of -- issuer and debt ratings upgraded to Aa1 with stable outlook from Aa3/stable, based on a BCA of 5, Aaa rating on the Republic of Germany, 95% probability of support, 90% default dependence

Brandenburg, Land -- issuer and debt ratings upgraded to Aa1 with stable outlook from Aa2/stable, based on a BCA of 4, Aaa rating on the Republic of Germany, 95% probability of support, 90% default dependence

Nordrhein-Westfalen, Land of -- issuer and debt ratings upgraded to Aa1 with stable outlook from Aa2/stable, based on a BCA of 4, Aaa rating on the Republic of Germany, 95% probability of support, 90% default dependence

Saxony-Anhalt, Land -- debt rating upgraded to Aa1 with stable outlook from Aa3/stable, based on a BCA of 4, Aaa rating on the Republic of Germany, 95% probability of support, 90% default dependence

RLG Ratings Affirmed

Baden-Wuerttenberg, Land of -- issuer rating affirmed at Aaa with stable outlook, based on a BCA of 2, Aaa rating on the Republic of Germany, 95% probability of support, 90% default dependence

Bavaria, Free State of -- issuer rating affirmed at Aaa with stable outlook, based on a BCA of 1, Aaa rating on the Republic of Germany, 95% probability of support, 90% default dependence

Duesseldorf, City of -- issuer rating affirmed at Aa1 with stable outlook, based on a BCA of 2, Aa1 rating on the Land of Nordrhein-Westfalen, 65% probability of support, 90% default dependence.

GREECE

RLG Ratings Upgraded

Amaroussion, City of -- issuer rating upgraded to Baa1 with stable outlook from Baa2/stable, based on a BCA of 9, A1 rating on the Republic of Greece, 20% probability of support, 70% default dependence

Athens, City of -- issuer rating upgraded to A1 with stable outlook from A2/stable, based on a BCA of 6, A1 rating on the Republic of Greece, 50% probability of support, 70% default dependence

HUNGARY

RLG Ratings Under review

Budapest, City of -- the issuer rating of A1 remains under review for possible downgrade based on a BCA of 7, A1 rating on Hungary under review for possible downgrade, 100% probability of support, 90% default dependence

KAZAKHSTAN

RLG Ratings Affirmed

Astana, City of -- issuer rating affirmed at Ba1 with stable outlook based on a BCA of 12, Baa1 rating on Kazakhstan, 50% probability of support, 90% default dependence

Almaty, City of -- issuer rating affirmed at Ba1 but with a stable outlook from positive based on a BCA of 12, Baa1 rating on Kazakhstan, 50% probability of support, 90% default dependence

ITALY

RLG Ratings Upgraded

Basilicata, Region of -- issuer rating upgraded to Aa3 with stable outlook from A1/stable, based on a BCA of 5, Aa2 rating on the Republic of Italy, 50% probability of support, 90% default dependence

Bolzano, Autonomous Province of -- issuer rating upgraded to Aaa with stable outlook from Aa1/stable, based on a BCA of 1, Aa2 rating on the Republic of Italy, 35% probability of support, 70% default dependence

Calabria, Region of -- issuer rating upgraded to A1 with stable outlook from A2/stable, based on a BCA of 6, Aa2 rating on the Republic of Italy, 50% probability of support, 90% default dependence

Puglia, Region of -- debt rating upgraded to A1 with stable outlook from A2/stable, based on a BCA of 6, Aa2 rating on the Republic of Italy, 50% probability of support, 90% default dependence

Sardinia, Autonomous Region of -- debt rating upgraded to A1 with stable outlook from A2/negative, based on a BCA of 6, Aa2 rating on the Republic of Italy, 50% probability of support, 90% default dependence

Trento, Autonomous Province of -- issuer and debt ratings upgraded to Aaa with stable outlook from Aa1/stable, based on a BCA of 1, Aa2 rating on the Republic of Italy, 35% probability of support, 70% default dependence

RLG Ratings Affirmed

Arezzo, Province of -- issuer rating affirmed at Aa3 with stable outlook, based on a BCA of 4, Aa2 rating on the Republic of Italy, 20% probability of support, 50% default dependence

Bari, City of -- issuer rating affirmed at Aa3 with stable outlook, based on a BCA of 4, Aa2 rating on the Republic of Italy, 20% probability of support, 70% default dependence

Bologna, Province of -- issuer rating affirmed at Aa3 with stable outlook, based on a BCA of 4, Aa2 rating on the Republic of Italy, 20% probability of support, 50% default dependence

Bologna, City of -- issuer rating affirmed at Aa2 with stable outlook, based on a BCA of 3, Aa2 rating on the Republic of Italy, 20% probability of support, 70% default dependence

Campania, Region of -- issuer and debt ratings affirmed at A3 with stable outlook, based on a BCA of 8, Aa2 rating on the Republic of Italy, 50% probability of support, 90% default dependence

Civitavecchia, City of -- issuer and debt ratings affirmed at A1 with stable outlook, based on a BCA of 5, Aa2 rating on the Republic of Italy, 20% probability of support, 70% default dependence

Emilia Romagna, Region of -- issuer and debt ratings affirmed at Aa2 with stable outlook, based on a BCA of 3, Aa2 rating on the Republic of Italy, 50% probability of support, 90% default dependence

Florence, City of -- debt rating affirmed at Aa2 with stable outlook, based on a BCA of 3, Aa2 rating on the Republic of Italy, 35% probability of support, 70% default dependence

Foggia, Province of -- issuer rating affirmed at A2 with stable outlook, based on a BCA of 6, Aa2 rating on the Republic of Italy, 20% probability of support, 70% default dependence

Genoa, Province of -- issuer and debt ratings affirmed at Aa3 with stable outlook, based on a BCA of 4, Aa2 rating on the Republic of Italy, 20% probability of support, 50% default dependence

L'Aquila, City of -- issuer rating affirmed at A1 with stable outlook, based on a BCA of 5, Aa2 rating on the Republic of Italy, 20% probability of support, 70% default dependence

Liguria, Region of -- debt rating affirmed at Aa3 with stable outlook, based on a BCA of 4, Aa2 rating on the Republic of Italy, 50% probability of support, 90% default dependence

Lombardy, Region of -- issuer and debt ratings affirmed at Aa1 with stable outlook, based on a BCA of 2, Aa2 rating on the Republic of Italy, 80% probability of support, 90% default dependence

Marche, Region of -- debt rating affirmed at Aa3 with stable outlook, based on a BCA of 5, Aa2 rating on the Republic of Italy, 50% probability of support, 90% default dependence

Milan, Province of -- issuer and debt ratings affirmed at Aa3 with stable outlook, based on a BCA of 4, Aa2 rating on the Republic of Italy, 35% probability of support, 50% default dependence

Milan, City of -- issuer and debt ratings affirmed at Aa2 with stable outlook, based on a BCA of 4, Aa2 rating on the Republic of Italy, 50% probability of support, 50% default dependence

Molise, Region of -- issuer and debt ratings affirmed at A2 with stable outlook, based on a BCA of 7, Aa2 rating on the Republic of Italy, 50% probability of support, 90% default dependence

Naples, Province of -- debt rating affirmed at Aa3 with stable outlook, based on a BCA of 4, Aa2 rating on the Republic of Italy, 20% probability of support, 70% default dependence

Naples, City of -- debt rating affirmed at A1 with stable outlook, based on a BCA of 6, Aa2 rating on the Republic of Italy, 35% probability of support, 90% default dependence

Palermo, Province of -- issuer rating affirmed at A1 with stable outlook, based on a BCA of 5, Aa2 rating on the Republic of Italy, 20% probability of support, 70% default dependence

Piedmont, Region of -- issuer and debt ratings affirmed at Aa3 with stable outlook, based on a BCA of 5, Aa2 rating on the Republic of Italy, 50% probability of support, 90% default dependence

Rimini, Province of -- issuer rating affirmed at Aa3 with stable outlook, based on a BCA of 4, Aa2 rating on the Republic of Italy, 20% probability of support, 50% default dependence

Rimini, City of -- issuer rating affirmed at Aa3 with stable outlook, based on a BCA of 4, Aa2 rating on the Republic of Italy, 20% probability of support, 70% default dependence

Sicily, Autonomous Region of -- debt rating affirmed at A1 with stable outlook, and issuer rating upgraded to A1 with stable outlook from A2/stable, based on a BCA of 6, Aa2 rating on the Republic of Italy, 50% probability of support, 90% default dependence

Treviso, Province of -- issuer and debt ratings affirmed at Aa3 with stable outlook, based on a BCA of 4, Aa2 rating on the Republic of Italy, 20% probability of support, 50% default dependence

Turin, Province of -- issuer and debt ratings affirmed at Aa3 with stable outlook, based on a BCA of 4, Aa2 rating on the Republic of Italy, 20% probability of support, 50% default dependence

Tuscany, Region of -- issuer and debt ratings affirmed at Aa2 with stable outlook, based on a BCA of 3, Aa2 rating on the Republic of Italy, 50% probability of support, 90% default dependence

Umbria, Region of -- issuer and debt ratings affirmed at Aa3 with stable outlook, based on a BCA of 4, Aa2 rating on the Republic of Italy, 50% probability of support, 90% default dependence

Veneto, Region of -- issuer and debt ratings affirmed at Aa2 with stable outlook, based on a BCA of 3, Aa2 rating on the Republic of Italy, 50% probability of support, 90% default dependence

Venice, City of -- issuer and debt ratings affirmed at Aa2 with stable outlook, based on a BCA of 3, Aa2 rating on the Republic of Italy, 35% probability of support, 70% default dependence

RLG Ratings Downgraded

Abruzzo, Region of -- issuer and debt ratings downgraded to A2 with stable outlook from A1/stable, based on a BCA of 7, Aa2 rating on the Republic of Italy, 50% probability of support, 90% default dependence.

Lecce, City of -- issuer rating downgraded to A3 with stable outlook from A2/stable, based on a BCA of 7, Aa2 rating on the Republic of Italy, 20% probability of support, 70% default dependence.

RLG Ratings Under review

Lazio, Region of -- A1 debt rating remains under review for possible downgrade. The review was announced on November 10, 2006.

NORWAY

RLG Ratings Upgraded

Oslo, City of -- issuer and debt ratings upgraded to Aaa with stable outlook from Aa1/stable based on a BCA of 2, Aaa rating on the Kingdom of Norway, 95% probability of support, 90% default dependence

POLAND

RLG Ratings Affirmed

Poznan, City of -- issuer rating affirmed at A3 with stable outlook, based on a BCA of 7, A2 rating on The Republic of Poland, 35% probability of support, 90% default dependence

PORTUGAL

RLG Ratings Affirmed

Azores, Autonomous Region of -- issuer rating affirmed at Aa3 with stable outlook, based on a BCA of 4, Aa2 rating on the Republic of Portugal, 35% probability of support, 90% default dependence

Madeira, Autonomous Region of -- issuer rating affirmed at Aa3 with stable outlook, based on a BCA of 4, Aa2 rating on the Republic of Portugal, 35% probability of support, 90% default dependence

Lisbon, City of -- issuer rating affirmed at Aa2 with stable outlook, based on a BCA of 4, Aa2 rating on the Republic of Portugal, 50% probability of support, 50% default dependence

Sintra, City of -- issuer rating affirmed at Aa2 with stable outlook, based on a BCA of 3, Aa2 rating on the Republic of Portugal, 20% probability of support, 70% default dependence

RUSSIA

RLG Ratings Upgraded

Chuvashia, Republic of -- issuer rating upgraded to Ba2 with stable outlook from Ba3/stable, issuer rating upgraded to Aa2.ru (Russia National Scale/Moody's Interfax Rating Agency) from Aa3.ru based on a BCA of 12, Baa2 rating on the Russian Federation, 20% probability of support, 70% default dependence

Komi, Republic of -- issuer rating upgraded to Ba2 with stable outlook from Ba3/stable based on a BCA of 12, Baa2 rating on the Russian Federation, 20% probability of support, 50% default dependence

Moscow, City of --issuer and debt ratings upgraded to Baa1 with stable outlook from Baa2/stable, issuer rating affirmed at Aaa.ru (Russia National Scale/Moody's Interfax Rating Agency) based on a BCA of 9, Baa2 rating on the Russian Federation, 50% probability of support, 50% default dependence

Moscow, Oblast of -- issuer rating upgraded to Ba2 with stable outlook from Ba3/stable based on a BCA of 12, Baa2 rating on the Russian Federation, 20% probability of support, 50% default dependence

Samara, Oblast of -- issuer rating upgraded to Ba1 with stable outlook from Ba2/stable, issuer and debt ratings upgraded to Aa1.ru (Russia National Scale/Moody's Interfax Rating Agency) from Aa2.ru based on a BCA of 11, Baa2 rating on the Russian Federation, 20% probability of support, 70% default dependence

RLG Ratings Affirmed

Bashkortostan, Republic of -- issuer rating affirmed at Ba1 with stable outlook based on a BCA of 11, Baa2 rating on the Russian Federation, 20% probability of support, 90% default dependence

Perm, Oblast of -- issuer rating affirmed at Ba1 with stable outlook, issuer rating affirmed at Aa1.ru (Russia National Scale/Moody's Interfax Rating Agency) based on a BCA of 11, Baa2 rating on the Russian Federation, 20% probability of support, 70% default dependence

St. Petersburg, City of -- issuer rating affirmed at Baa2 with stable outlook, issuer rating affirmed at Aaa.ru (Russia National Scale/Moody's Interfax Rating Agency) based on a BCA of 10, Baa2 rating on the Russian Federation, 50% probability of support, 50% default dependence

Tatarstan, Republic of -- issuer rating affirmed at Ba1 with stable outlook based on a BCA of 11, Baa2 rating on the Russian Federation, 20% probability of support, 90% default dependence

SLOVAK REPUBLIC

National Scale RLG Ratings Upgraded

Ko?ice, City of -- national scale issuer rating upgraded to Aa2.sk with stable outlook from Aa3.sk/stable, based on a BCA of 9, A1 global scale rating on the Slovak Republic, 20% probability of support, 90% default dependence.

Ko?ice, Region of -- national scale issuer rating upgraded to Aa1.sk with stable outlook from Aa2.sk/stable, based on a BCA of 8, A1 global scale rating on the Slovak Republic, 50% probability of support, 90% default dependence.

Nova Dubnica, City of -- national scale issuer rating upgraded to Aa2.sk with stable outlook from Aa3.sk/stable, based on a BCA of 9, A1 global scale rating on the Slovak Republic, 20% probability of support, 90% default dependence.

Poprad, City of -- national scale issuer rating upgraded to Aa1.sk with stable outlook from Aa2.sk/stable, based on a BCA of 7, A1 global scale rating on the Slovak Republic, 20% probability of support, 90% default dependence.

Pova?ska Bystrica, City of -- national scale issuer rating upgraded to Aa1.sk with stable outlook from Aa2.sk/stable, based on a BCA of 7, A1 global scale rating on the Slovak Republic, 20% probability of support, 90% default dependence.

Pre?ov, City of -- national scale issuer rating upgraded to Aa1.sk with stable outlook from Aa2.sk/stable, based on a BCA of 7, A1 global scale rating on the Slovak Republic, 20% probability of support, 90% default dependence.

Spi?ska Nova Ves, City of -- national scale issuer rating upgraded to Aa1.sk with stable outlook from Aa2.sk/stable, based on a BCA of 7, A1 global scale rating on the Slovak Republic, 20% probability of support, 90% default dependence.

National Scale RLG Ratings Affirmed

Banska Bystrica, City of -- national scale issuer rating affirmed at Aa2.sk with stable outlook, based on a BCA of 8, global scale A1 rating on the Slovak Republic, 20% probability of support, 90% default dependence.

Bernolakovo, City of -- national scale issuer rating affirmed at Aa2.sk with stable outlook, based on a BCA of 8, global scale A1 rating on the Slovak Republic, 20% probability of support, 90% default dependence.

Galanta, City of -- national scale issuer rating affirmed at Aa2.sk with stable outlook, based on a BCA of 8, global scale A1 rating on the Slovak Republic, 20% probability of support, 90% default dependence.

Handlova, City of -- national scale issuer rating affirmed at Aa3.sk with stable outlook, based on a BCA of 10, global scale A1 rating on the Slovak Republic, 20% probability of support, 90% default dependence.

Holic, City of -- national scale issuer rating affirmed at Aa2.sk with stable outlook, based on a BCA of 9, global scale A1 rating on the Slovak Republic, 20% probability of support, 90% default dependence.

Krompachy, City of -- national scale issuer rating affirmed at Aa2.sk with stable outlook, based on a BCA of 9, global scale A1 rating on the Slovak Republic, 20% probability of support, 90% default dependence.

Krupina, City of -- national scale issuer rating affirmed at Aa2.sk with stable outlook, based on a BCA of 8, global scale A1 rating on the Slovak Republic, 20% probability of support, 90% default dependence.

Malacky, City of -- national scale issuer rating affirmed at Aa2.sk with stable outlook, based on a BCA of 8, global scale A1 rating on the Slovak Republic, 20% probability of support, 90% default dependence.

Myjava, City of -- national scale issuer rating affirmed at Aa2.sk with stable outlook, based on a BCA of 9, global scale A1 rating on the Slovak Republic, 20% probability of support, 90% default dependence.

Prievidza, City of -- national scale issuer rating affirmed at Aa2.sk with stable outlook, based on a BCA of 8, global scale A1 rating on the Slovak Republic, 20% probability of support, 90% default dependence.

Púchov, City of -- national scale issuer rating affirmed at Aa1.sk with stable outlook, based on a BCA of 7, A1 global scale rating on the Slovak Republic, 20% probability of support, 90% default dependence.

?ala, City of -- national scale issuer rating affirmed at Aa3.sk with stable outlook, based on a BCA of 10, global scale A1 rating on the Slovak Republic, 20% probability of support, 90% default dependence.

Turcianske Teplice, City of -- national scale issuer rating affirmed at Aa2.sk with stable outlook, based on a BCA of 8, global scale A1 rating on the Slovak Republic, 20% probability of support, 90% default dependence.

National Scale RLG Ratings Downgraded

Bratislava Raca, District of -- national scale issuer rating downgraded to Aa2.sk with stable outlook from Aa1.sk/stable, based on a BCA of 9, A1 rating on the Slovak Republic, 20% probability of support, 90% default dependence.

SPAIN

RLG Ratings Upgraded

Andalucia, Junta de -- issuer and debt ratings upgraded to Aa2 with stable outlook from Aa3/stable, based on a BCA of 4, Aaa rating on the Kingdom of Spain, 65% probability of support, 90% default dependence

Barcelona, City of -- debt rating upgraded to Aa1 with stable outlook from Aa2/stable, based on a BCA of 3, Aaa rating on the Kingdom of Spain, 35% probability of support, 70% default dependence

Castilla y León, Junta de -- issuer and debt ratings upgraded to Aa1 with stable outlook from Aa2/positive, based on a BCA of 3, Aaa rating on the Kingdom of Spain, 50% probability of support, 90% default dependence

Castilla-La Mancha, Junta de Comunidades de -- issuer and debt ratings upgraded to Aa1 with stable outlook from Aa2/positive, based on a BCA of 3, Aaa rating on the Kingdom of Spain, 50% probability of support, 90% default dependence

Catalunya, Generalitat de -- issuer and debt ratings upgraded to Aa2 with stable outlook from Aa3/stable, based on a BCA of 4, Aaa rating on the Kingdom of Spain, 65% probability of support, 90% default dependence

Extremadura, Junta de -- issuer rating upgraded to Aa1 with stable outlook from Aa2/stable, based on a BCA of 3, Aaa rating on the Kingdom of Spain, 50% probability of support, 90% default dependence

Galicia, Comunidad Autónoma de -- issuer rating upgraded to Aa2 with stable outlook from Aa3/positive, based on a BCA of 4, Aaa rating on the Kingdom of Spain, 65% probability of support, 90% default dependence

Madrid, Comunidad Autónoma de -- issuer rating upgraded to Aa1 with stable outlook from Aa2/stable, based on a BCA of 3, Aaa rating on the Kingdom of Spain, 65% probability of support, 70% default dependence

Murcia, Comunidad Autónoma de -- issuer rating upgraded to Aa1 with stable outlook from Aa2/stable, based on a BCA of 3, Aaa rating on the Kingdom of Spain, 50% probability of support, 90% default dependence

Valencia, Generalitat de -- debt rating upgraded to Aa2 with stable outlook from Aa3/stable, based on a BCA of 4, Aaa rating on the Kingdom of Spain, 65% probability of support, 90% default dependence

RLG Ratings Affirmed

Basque Country -- Issuer rating affirmed at Aaa with stable outlook, based on a BCA of 1, Aaa rating on the Diputacion Foral de Guipuzcoa and the credit risk profile of the provinces of Alava and Bizcaya, 95% probability of support, 90% default dependence

Guipuzcoa, Diputación Foral de -- issuer rating affirmed at Aaa with stable outlook, based on a BCA of 1, Aaa rating on the Basque Country and the credit risk profile of the provinces of Alava and Bizcaya, 95% probability of support, 90% default dependence

Sevilla, City of -- issuer rating affirmed at A1 with stable outlook, based on a BCA of 5, Aaa rating on the Kingdom of Spain, 20% probability of support, 70% default dependence

Tenerife, Cabildo de -- issuer rating affirmed at Aa2 with stable outlook, based on a BCA of 4, Aaa rating on the Kingdom of Spain, 50% probability of support, 90% default dependence

SWEDEN

RLG Ratings Upgraded

Gothenburg, City of -- debt rating upgraded to Aaa with stable outlook from Aa2/stable based on a BCA of 2, Aaa rating on the Kingdom of Sweden, 95% probability of support, 70% default dependence

Stockholm, City of -- issuer and debt ratings upgraded to Aaa with stable outlook from Aa1/positive based on a BCA of 2, Aaa rating on the Kingdom of Sweden, 95% probability of support, 70% default dependence

SWITZERLAND

RLG Ratings Affirmed

Neuchatel, City of -- issuer rating affirmed at Aa3 with stable outlook, based on a BCA of 4, the credit risk profile of the Canton of Neuchatel, 50% probability of support, 90% default dependence

TURKEY

RLG Ratings Upgraded

Istanbul, Metropolitan Municipality of -- issuer rating upgraded to Ba3 with stable outlook from B1/positive, based on a BCA of 13, Ba3 rating on the Republic of Turkey, 65% probability of support, 90% default dependence

UKRAINE

RLG Ratings Upgraded

Berdyansk, City of -- issuer rating upgraded to B1 with stable outlook from B2/stable, issuer rating upgraded to Aa3.ua (Ukraine National Scale) from A2.ua, based on a BCA of 14, B1 rating with positive outlook on the Government of Ukraine, 20% probability of support, 90% default dependence

Kharkiv, City of -- issuer rating upgraded to B1 with stable outlook from B2/stable based on a BCA of 14, B1 rating with positive outlook on the Government of Ukraine, 20% probability of support, 90% default dependence

Kyiv, City of -- debt and issuer ratings upgraded to B1 with positive outlook from B2/stable based on a BCA of 14, B1 rating with positive outlook on the Government of Ukraine, 50% probability of support, 90% default dependence

UNITED KINGDOM

RLG Ratings Affirmed

Cornwall County Council, -- issuer rating affirmed at Aaa with stable outlook, based on a BCA of 2, Aaa rating on the United Kingdom 95% probability of support, 90% default dependence

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