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PLEASE READ AND SCROLL DOWN!

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I AGREE
Announcement:

Moody's Disclosures on Credit Rating of BAWAG P.S.K.

11 Apr 2012

Frankfurt am Main, April 11, 2012 -- The following release represents Moody's Investors Service's summary credit opinion on BAWAG P.S.K. and includes certain regulatory disclosures regarding its ratings. This release does not constitute any change in Moody's ratings or rating rationale for BAWAG P.S.K..

Moody's current ratings on BAWAG P.S.K. and its affiliates are:

Senior Unsecured (domestic and foreign currency) ratings of Baa2

Senior Unsecured MTN Program (domestic currency) ratings of (P)Baa2

Long Term Bank Deposits (domestic and foreign currency) ratings of Baa2

Bank Financial Strength ratings of D

Senior Subordinate (domestic currency) ratings of Baa3, on review for downgrade

Subordinate (domestic currency) ratings of Baa3, on review for downgrade

Subordinate MTN Program (domestic currency) ratings of (P)Baa3, on review for downgrade

Short Term Bank Deposits (domestic and foreign currency) ratings of P-2

Oesterreichische Postsparkasse AG

BACKED Senior Unsecured (foreign currency) ratings of Aaa

BAWAG Capital Finance (Jersey) Ltd

BACKED Preferred Stock Non-cumulative (foreign currency) ratings of B2, (hyb)

BAWAG Capital Finance (Jersey) II Limited

Preferred Stock Non-cumulative (foreign currency) ratings of B2, (hyb)

BAWAG Capital Finance (Jersey) III Limited

Preferred Stock Non-cumulative (foreign currency) ratings of B2, (hyb)

RATINGS RATIONALE

Moody's assigns a BFSR of D (stable outlook) to BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG (BAWAG P.S.K.), mapping to ba2 on the long-term scale.

The rating reflects (i) BAWAG P.S.K.'s well-entrenched franchise as a large retail and commercial bank in Austria; (ii) its satisfactory liquidity position from a stable and granular deposit base; and (iii) the gradual improvements in risk culture and corporate governance following BAWAG P.S.K.'s sale in 2007 to a consortium led by US-based private-equity company, Cerberus.

The BFSR also takes into consideration the improving but still-modest financial metrics as evidenced by the low profitability from its core retail business segments and only gradually improving efficiency, existing risk concentrations and the challenges to further reduce its legacy assets. The BFSR factors in BAWAG P.S.K.'s continuing reliance on capital support in form of government participation capital, which we expect to be paid back only in the longer-term.

BAWAG P.S.K.'s long-term global local-currency (GLC) deposit rating of Baa2 is underpinned by (i) the standalone credit strength of ba2; and (ii) Moody's assessment of a very high probability of systemic support in the event of a stress situation, primarily given the bank's sizeable market shares in retail deposits. Under Moody's Joint-Default Analysis (JDA) methodology, our support assessment results in a three-notch uplift from the bank's ba2 standalone credit strength and therefore contains an element of extraordinary support.

Grandfathered debt obligations that are guaranteed by the Republic of Austria are rated Aaa and carry a negative outlook in line with the ratings of the guarantee provider.

Rating Outlook

The outlook on the D BFSR is stable and reflects our expectation that the bank's financial profile will be preserved at the current level and may improve over time. Moreover, based on its current risk profile, we expect that the current BFSR level should be able to withstand some degree of earnings volatility and pressure on asset quality.

The outlook on all the other ratings is also stable.

What Could Change the Rating - Up

A strengthening of BAWAG P.S.K.'s standalone financial and business profile as a result of the bank's new strategy could result in upward pressure on the BFSR. Furthermore, substantial, sustained and transparent improvements in business practices (risk culture and management, corporate governance, financial reporting and disclosure) could positively affect the BFSR over the medium term. We note positively that the management team and owners are committed to such changes and considerable progress has been made.

Individual factors representing positive implications for the BFSR over the medium term include (i) successful implementation of the bank's strategy to focus on the core Austrian market and the better exploitation of its retail footprint; (ii) markedly stronger performance in client-facing business and reduced dependence on capital markets and ALM activities; (iii) significantly stronger financial fundamentals; and (iv) ongoing commitment from its owners and evidence of establishing a strengthened, sustainable commercial and financial profile for the bank.

However, Moody's stresses that only a moderate improvement of BAWAG P.S.K.'s BFSR is unlikely to result in a higher long-term rating, given that BAWAG already benefits from a three-notch uplift from its standalone credit strength which still contains an element of extraordinary support.

What Could Change the Rating - Down

Negative pressure could be exerted on the BFSR if the bank's financial strength or franchise strength were to weaken. Individual factors representing adverse implications over the medium term include (i) persistent losses; (ii) a lack of improvement in the risk profile; and (iii) an inability to restore solid franchise value. Any further lowering of the probability of systemic support could also adversely affect the long-term ratings.

PRINCIPAL METHODOLOGIES

The methodologies used in these ratings were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: Global Methodology published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The ratings of rated entity Oesterreichische Postsparkasse AG were initiated by Moody's and were not requested by these rated entities.

Rated entity Oesterreichische Postsparkasse AG or its agent(s) participated in the rating process. This rated entity or its agent(s), if any, provided Moody's access to the books, records and other relevant internal documents of the rated entity.

The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the ratings are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entities or their related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Claude Raab
Asst Vice President - Analyst
Financial Institutions Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Carola Schuler
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Disclosures on Credit Rating of BAWAG P.S.K.
No Related Data.
© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE 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 INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER 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. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS 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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To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

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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 credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service 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."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

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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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit 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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