Rating actions follow Greece's upgrade to Caa2 (positive)
Limassol, June 26, 2017 -- Moody's Investors Service (Moody's) has today affirmed the Caa3 long-term
deposit ratings of Alpha Bank AE, Eurobank Ergasias S.A.,
National Bank of Greece S.A., and Piraeus Bank S.A..
At the same time, Moody's has also upgraded all four banks' baseline
credit assessment (BCA) to caa2 from caa3, the long-term
senior unsecured ratings to (P)Caa3 from (P)Ca, and the long-term
counterparty risk assessment to Caa2(cr) from Caa3(cr). The long-term
deposit ratings for Alpha Bank AE and National Bank of Greece S.A.
carry positive outlooks, while those of Eurobank Ergasias S.A.
and Piraeus Bank S.A. carry stable outlooks. The
long-term deposit ratings of Attica Bank S.A. were
affirmed at Caa3 with stable outlook, as well as its BCA of caa3,
while the bank's counterparty risk assessment was upgraded to Caa2(cr)
from Caa3(cr).
These rating actions follow the successful completion of Greece's
second review for its support programme, which also triggered an
upgrade of Greece's government bond rating to Caa2 (positive) from
Caa3 (stable). The higher BCAs primarily reflect the improved operating
environment in Greece, which has resulted in Moody's raising
the country's Macro Profile to 'Very Weak+' from
'Very Weak', as well as improvements in banks'
funding profile, lower funding costs, the return to marginal
core profitability and the likely continuation of this trend in 2017-18.
In addition, the BCAs also take into account the prospects for further
modest improvements in banks' financial fundamentals stemming from
the potential return of more deposits into the banking system and gradual
reduction of nonperforming loans, as the economy starts to show
signs of recovery.
The affirmation of the banks' Caa3 deposit ratings is primarily driven
by the rating agency's 'Loss Given Failure' (LGF) analysis
of banks' liability structure and the relatively small pool of unsecured
liabilities available to absorb losses in a potential bank resolution
scenario. The deposit ratings also reflect the on-going
deposit controls in Greece, and the fact that depositors do not
have instant access to the full amount of their deposits. The banks'
senior unsecured ratings were upgraded to (P)Caa3 from (P)Ca based on
the full application of the rating agency's LGF analytical approach
following the stabilisation of banks' liability structures.
Previously these debt ratings were benchmarked at Ca based on expected
losses, following the liability management exercises and exchange
offers to senior bondholders that banks carried out in late 2015,
as part of their last recapitalisation.
Moody's said that its Greek bank ratings balance the improvements
in their credit profiles against the still significant downside risks
stemming from the fragile operating environment in Greece and the very
high level of nonperforming loans.
A full list of affected ratings is provided at the end of this press release.
RATINGS RATIONALE
UPGRADES OF BCAs TO caa2 FROM caa3
The upgrade of the four Greek banks' BCAs to caa2 from caa3 reflects the
following factors:
--- GREECE'S MACRO PROFILE CHANGED TO 'VERY
WEAK+' FROM 'VERY WEAK'
Following the sovereign rating upgrade, the macro profile for Greece
that is used in Moody's banking scorecards that derive the BCAs
has been changed to 'Very Weak+' from 'Very Weak',
due to the rating agency's improved view of the country's
institutional strength factor. This was primarily triggered by
the conclusion of the second review of the country's adjustment
programme, and the fact that public institutions in Greece have
benefited from the technical assistance provided by the official creditors.
Greece's macro profile also reflects the difficult credit and funding
conditions, with structural challenges faced by all banks.
--- IMPROVED FUNDING PROFILES
The BCA upgrades also reflect the recent improvements in their funding
profiles with the reduction of the high cost Emergency Liquidity Assistance
(ELA), which was around €41 billion for the system in May 2017,
down from €87 billion in June 2015. Moody's expects further
reduction in the banks' dependence on ELA, following the conclusion
of the second review of the country's support programme by its official
lenders (EC/ECB/ESM/IMF). This development should improve confidence
in the banks, resulting in gradual deposit inflows from the approximately
€10 billion of cash still placed outside the banking system.
The rating agency also expects a gradual relaxation of the capital controls
that remain in place in Greece, which allow depositors to withdraw
only €840 every two weeks. Full repayment of the ELA is one
of Greek banks' top priorities, although this is unlikely
to materialise for all four banks over the next 12-18 months.
The inter-bank repo market has been available to Greek banks so
far, allowing them to partly reduce their ELA balances.
--- BETTER PROFITABILITY PROSPECTS
The BCA upgrades also consider the improved earnings prospects for these
banks, following the conclusion of the second review, which
will likely enhance investor and depositor confidence, reducing
funding costs. Concurrently, Moody's expects that lower funding
costs and operating expenses will support pre-provision income
in 2017-18, and bottom-line profits will be largely
driven by the level of provisioning requirements. During 2016,
pre-provision income for the banking system increased by around
32% with almost all banks being marginally profitable, limiting
any capital consumption, while the first quarter 2017 results suggest
that the improving trend will continue in 2017.
Moody's considers that the BCA of caa2 for all four banks appropriately
balances these recent improvements in their standalone credit profiles
as well as the considerable downside risks stemming from the still high
level of non-performing exposures (NPEs) that were at around 45%
of total exposures (including off-balance sheet items) as of March
2017. The rating agency believes that over the next 12-18
months, banks' performance will depend on their ability to reduce
the level of NPEs mainly through restructurings that will also generate
additional income.
ATTICA BANK BCA AFFIRMED AT caa3
Attica Bank's BCA was affirmed at caa3 reflecting the bank's
significant asset quality challenges, with the highest NPE ratio
among its peers, as well as its ongoing capital needs that have
yet to be fully covered. In addition, the bank is currently
undergoing restructuring and has yet to show concrete evidence that it
has the capacity to return to sustainable profitability. The rating
agency believes that the standalone credit profile of Attica Bank is weaker
than its local peers, as reflected by the lower BCA. Moody's
said that the higher sovereign rating now allows certain rating differentiation
among Greek banks, while prior to this rating action all Greek banks
were rated at the same level towards the end of the rating scale.
For more details on Attica Bank, please see individual bank section
below.
DEPOSIT RATINGS AFFIRMED AT Caa3; OUTLOOK CHANGED TO POSITIVE FROM
STABLE FOR TWO BANKS
The affirmation of the banks' Caa3 deposit ratings primarily reflects
banks' relatively small pool of unsecured obligations and minimal
subordinated liabilities available to absorb potential losses in case
of a bank resolution scenario. Accordingly, depositors remain
vulnerable to bail-in risks within the context of the Bank Recovery
and Resolution Directive (BRRD) transposition law that was passed in Greece
in 2015. Although Greek depositors were excluded from bail-in
in the last few years, Moody's considers that the relative risks
are still high and thus positions long-term deposits, senior
unsecured debt and subordinated debt at the same rating level of Caa3
based on the rating agency's LGF analysis of banks' liability
structure.
The long-term deposit ratings of Caa3 also take into consideration
the on-going capital controls in place as well as the implied losses
faced by depositors that do not have instant access to the full amount
of their funds. All banks' Caa3 deposit ratings are positioned
one notch lower than the recently revised local-currency deposit
ceiling for Greece of Caa2.
The change in the deposit rating outlook to positive from stable for Alpha
Bank and National Bank of Greece reflects the rating agency's opinion
of these banks' marginally stronger standalone credit profiles than
their peers, and its expectation that going forward their liability
structure through more deposits could induce a higher deposit rating.
Alpha Bank has a stronger tangible capital position than its peers,
while National Bank of Greece has a better funding profile with lower
ELA dependence than the other banks. The individual bank sections
below provide more details in this respect.
SENIOR AND SUBORDINATED RATINGS UPGRADED TO (P)Caa3 from (P)Ca AND C RESPECTIVELY,
JUNIOR INSTRUMENTS AFFIRMED AT C(hyb)
The upgrade of the four banks' senior debt ratings to (P)Caa3 from (P)Ca
and subordinated debt ratings to (P)Caa3 from (P)C reflect Moody's loss
given failure (LGF) analysis of their liability structure, which
indicates that such obligations should be placed at the same level as
deposits. This is driven by the relatively thin cushion that banks
have on their balance sheets to absorb losses in a potential bank resolution
scenario. The rating agency notes that a large proportion of Greek
banks' liabilities are in the form secured obligations, either
through the ELA mechanism, or the ECB or the inter-bank repo
market, limiting the pool of creditors available to absorb losses.
Prior to this rating action, Moody's positioned the ratings
of these debt instruments based on an expected loss basis, as part
of banks' liability management exercises and voluntary exchange
offers towards investors in late 2015, when banks were carrying
out their third round of recapitalization over the last few years.
The senior debt ratings outlook is positive for Alpha Bank and National
Bank of Greece, and stable for Piraeus Bank and Eurobank.
At the same time, Moody's affirmed the C(hyb) ratings assigned to
the two systemic banks' non-cumulative Tier 1 preferred stock.
These affirmations were driven by these instruments' structural subordination
to senior and subordinated debt, and the higher likelihood that
they could sustain significant losses before any senior and subordinated
debt holders are affected in a potential bank resolution scenario.
INDIVIDUAL BANKS
--- ALPHA BANK
Alpha Bank's BCA upgrade to caa2 from caa3 and its positive rating outlook
take into account its relatively high pro-forma common equity Tier
1 (CET1) ratio of 17.3% in March 2017, following the
recent sale of its operations in Serbia. Moody's notes that Alpha
Bank has the lowest level of eligible deferred tax assets (DTAs) on its
balance sheet at around €3.4 billion in March 2017,
which comprised around 39% of its nominal CET1 capital.
This level positions the bank at the stronger end in terms of loss-absorbing
tangible capital available among its local systemic peers, underpinning
Alpha Bank's positive rating outlook. Moody's considers
such DTAs as a weak form of capital, in view of Greece's low
rating.
The bank's ratings also consider its return to positive profitability
with a net profit of around €48 million for the first three-months
of 2017, while its nonperforming loans (NPL) and nonperforming exposures
(NPE) ratio stood at around 38% and 54% respectively as
of March 2017. NPL and NPE provisioning coverage was around 69%
and 49%, respectively. Moody's believes that the relatively
high NPL provisioning coverage provides the bank with more flexibility
to actively manage its NPL portfolio. The bank's ELA as of March
2017 stood at €12.2 billion (down from €19.6 billion
in December 2015), comprising 19% of its total assets,
although Moody's expects this type of funding to reduce further in 2017-18.
--- ATTICA BANK
The affirmation of Attica Bank's BCA at caa3 takes into consideration
its CET1 ratio of 14.8% in December 2016, but also
the fact that this is still short of around €68 million that the
bank needs to raise in order to be fully compliant with the Bank of Greece's
adverse scenario capital estimate. Moody's understands that the
bank has agreed with a potential investor aiming to cover this capital
shortfall through a deal that will also involve the management of a pool
of NPEs.
The bank, which is the smallest among all rated Greek banks with
a market share of only around 2%, reported losses of around
€50 million in 2016, as its NPE ratio increased to 61%
in December 2016, from 56% in December 2015, which
is the highest among local peers. The bank's ELA dependence was
around €1 billion as of December 2016, comprising around 28%
of its total assets. The rating agency expects that on-going
restructuring at the bank by the new top management is likely to start
yielding results in 2017-18, although Attica Bank's
performance is likely to still lag behind its peers.
--- EUROBANK ERGASIAS
Eurobank's BCA of caa2 takes into account its reported CET1 ratio
of 17.3% in March 2017, up from 16.5%
in March 2016. Nonetheless, Moody's considers the bank to
have a lower quality of capital than its peers, in view of its eligible
DTAs (€4 billion) and the state preference shares of around €950
million that the bank retains on its balance sheet and will need to repay
at some stage. The rating agency estimates that around 75%
of the bank's nominal CET1 capital is in the form of either eligible
DTAs or preference shares, leaving minimal loss-absorbing
tangible common equity available.
The bank's profit in the first three months of 2017 amounted to around
€37 million, while its NPL and NPE ratio were at around 35%
and 45%, respectively, as of March 2017. Eurobank's
NPL and NPE provisioning coverage was around 66% and 51%,
respectively. The bank's ELA as of March 2017 stood at €12.2
billion, comprising around 19% of its total assets,
although Moody's notes that the bank was able to reduce this ELA dependence
significantly from €22.9 billion in June 2015.
--- NATIONAL BANK OF GREECE
The bank's BCA upgrade to caa2 from caa3 and its positive rating
outlook takes into consideration its strong savings franchise in Greece,
and its ELA balance that was the lowest among its peers at €5.6
billion, comprising 7.4% of its total assets as of
March 2017. Moody's expects NBG to be the first bank in Greece
to fully repay its ELA in the next 12-18 months, mainly through
the sale of its foreign subsidiaries and its insurance arm and through
more customer deposits.
National Bank of Greece (NBG) had a pro-forma CET1 ratio,
incorporating the recent sale of its Bulgarian operations, of 17%
in March 2017 from 16.3% in December 2016. However,
this healthy regulatory ratio is undermined by the bank's high eligible
DTAs (€4.8 billion), which comprised around 73%
of its nominal CET1 capital as of March 2017. NBG is likely to
further enhance its CET1 capital through the sale of more non-core
assets going forward.
The bank's NPL and NPE ratios in Greece stood at 33% and 44%,
respectively, as of March 2017, while the NPL and NPE provisioning
coverage was 75% and 57%, the highest within its local
peer group. The rating agency believes that recoveries from the
NPL portfolio could further enhance the bank's core pre-provision
income, which increased by 30% year-on-year
in the first three-months of 2017, combined with further
reduction in its operating expenses.
--- PIRAEUS BANK
Piraeus Bank's BCA of caa2 considers its increased CET1 ratio to 16.8%
in March 2017 from 11.2% in September 2015, including
the €2 billion CoCos that the bank still retains but will have to
repay back to the state-owned Hellenic Financial Stability Fund
(HFSF) at some stage. The bank's eligible DTAs (€4.1
billion) comprised around 60% of its nominal CET1 capital,
excluding its CoCos, undermining the quality of its capital position.
Moody's considers Piraeus Bank's asset quality position to be among the
weakest in the system due to its numerous take-overs of smaller
problematic banks in the last few years, which resulted in an NPL
and NPE ratio of around 38% and 55%, respectively,
as of March 2017. In addition, the bank's NPL and NPE provisioning
coverage was at 68% and 46%, respectively.
However, the rating agency expects the bank's asset quality to gradually
improve in view of its focus and active management of its NPLs,
and the additional tools provided to the banks for managing their NPLs
through recent legislative measures. The bank reported a net loss
of around €6 million during the first three-months of 2017,
although Moody's positively views the bank's ability to increase its pre-provision
income by 11% year-on-year.
WHAT COULD MOVE THE RATINGS UP/DOWN
Over time, upward deposit and senior debt rating pressure could
arise following a stabilisation of the country's macro-economic
environment, combined with an improvement in banks' asset quality,
profitability and funding. The return of more deposits back to
the banking system would also increase the pool of unsecured obligations
available to banks, which could trigger a deposit and senior debt
rating upgrade driven by the rating agency's LGF approach.
Greek banks' deposit and senior debt ratings could be downgraded in the
event of political turmoil in the country for an extended period of time
that substantially affects domestic consumption and economic activity,
which have gradually been recovering from a very low base.
The principal methodology used in these ratings was Banks published in
January 2016. Please see the Rating Methodologies page on www.moodys.com
for a copy of this methodology.
THE SPECIFIC RATING ACTIONS IMPLEMENTED TODAY ARE AS FOLLOWS:
Upgrades:
..Issuer: Alpha Bank AE
.... Senior Unsecured MTN, Upgraded
to (P)Caa3 from (P)Ca
.... BACKED (Government) Senior Unsecured
MTN, Upgraded to (P)Caa2 from (P)Caa3
.... Subordinate MTN, Upgraded to (P)Caa3
from (P)C
.... Adjusted Baseline Credit Assessment,
Upgraded to caa2 from caa3
.... Baseline Credit Assessment, Upgraded
to caa2 from caa3
.... Counterparty Risk Assessment, Upgraded
to Caa2(cr) from Caa3(cr)
..Issuer: Alpha Credit Group plc
.... BACKED Senior Unsecured Regular Bond/Debenture,
Upgraded to Caa3 Positive from Ca Stable (Assumed by Alpha Bank AE)
.... BACKED Subordinate Regular Bond/Debenture,
Upgraded to Caa3 from C (Assumed by Alpha Bank AE)
.... BACKED Subordinate MTN, Upgraded
to (P)Caa3 from (P)C
.... BACKED Senior Unsecured MTN, Upgraded
to (P)Caa3 from (P)Ca
..Issuer: Alpha Group Jersey Limited
.... BACKED Senior Unsecured MTN, Upgraded
to (P)Caa3 from (P)Ca
.... BACKED Subordinate MTN, Upgraded
to (P)Caa3 from (P)C
..Issuer: Emporiki Group Finance Plc
.... BACKED Senior Unsecured Regular Bond/Debenture,
Upgraded to Caa3 Positive from Ca Stable (Assumed by Alpha Bank AE)
..Issuer: Attica Bank S.A.
.... Counterparty Risk Assessment, Upgraded
to Caa2(cr) from Caa3(cr)
..Issuer: Eurobank Ergasias S.A.
.... Senior Unsecured MTN, Upgraded
to (P)Caa3 from (P)Ca
.... BACKED (Government) Senior Unsecured
MTN, Upgraded to (P)Caa2 from (P)Caa3
.... Subordinate MTN, Upgraded to (P)Caa3
from (P)C
.... Adjusted Baseline Credit Assessment,
Upgraded to caa2 from caa3
.... Baseline Credit Assessment, Upgraded
to caa2 from caa3
.... Counterparty Risk Assessment, Upgraded
to Caa2(cr) from Caa3(cr)
..Issuer: ERB Hellas (Cayman
Islands) Limited
.... BACKED Senior Unsecured MTN, Upgraded
to (P)Caa3 from (P)Ca
.... BACKED Subordinate MTN, Upgraded
to (P)Caa3 from (P)C
..Issuer: ERB Hellas PLC
.... BACKED Senior Unsecured Regular Bond/Debenture,
Upgraded to Caa3 Stable from Ca Stable
.... BACKED Subordinate Regular Bond/Debenture,
Upgraded to Caa3 from C
.... BACKED Senior Unsecured MTN, Upgraded
to (P)Caa3 from (P)Ca
.... BACKED Subordinate MTN, Upgraded
to (P)Caa3 from (P)C
..Issuer: National Bank of Greece S.A.
.... BACKED (Government) Senior Unsecured
MTN, Upgraded to (P)Caa2 from (P)Caa3
.... Adjusted Baseline Credit Assessment,
Upgraded to caa2 from caa3
.... Baseline Credit Assessment, Upgraded
to caa2 from caa3
.... Counterparty Risk Assessment, Upgraded
to Caa2(cr) from Caa3(cr)
..Issuer: NBG Finance plc
.... BACKED Senior Unsecured MTN, Upgraded
to (P)Caa3 from (P)Ca
.... BACKED Subordinate MTN, Upgraded
to (P)Caa3 from (P)C
..Issuer: Piraeus Bank S.A.
.... Senior Unsecured MTN, Upgraded
to (P)Caa3 from (P)Ca
.... Subordinate MTN, Upgraded to (P)Caa3
from (P)C
.... Adjusted Baseline Credit Assessment,
Upgraded to caa2 from caa3
.... Baseline Credit Assessment, Upgraded
to caa2 from caa3
.... Counterparty Risk Assessment, Upgraded
to Caa2(cr) from Caa3(cr)
..Issuer: Piraeus Group Finance Plc
.... BACKED Senior Unsecured MTN, Upgraded
to (P)Caa3 from (P)Ca
.... BACKED Subordinate MTN, Upgraded
to (P)Caa3 from (P)C
Affirmations:
..Issuer: Alpha Bank AE
.... LT Bank Deposits, Affirmed Caa3
Positive From Stable
.... ST Bank Deposits, Affirmed NP
....Other Short Term, Affirmed (P)NP
.... Counterparty Risk Assessment, Affirmed
NP(cr)
..Issuer: Alpha Credit Group plc
.... BACKED Other Short Term, Affirmed
(P)NP
.... BACKED Commercial Paper, Affirmed
NP
..Issuer: Alpha Group Jersey Limited
.... BACKED Pref. Stock Non-cumulative,
Affirmed C (hyb)
..Issuer: Attica Bank S.A.
.... LT Bank Deposits, Affirmed Caa3
Stable
.... ST Bank Deposits, Affirmed NP
.... Adjusted Baseline Credit Assessment,
Affirmed caa3
.... Baseline Credit Assessment, Affirmed
caa3
.... Counterparty Risk Assessment, Affirmed
NP(cr)
..Issuer: Eurobank Ergasias S.A.
.... LT Bank Deposits, Affirmed Caa3
Stable
.... ST Bank Deposits, Affirmed NP
.... Other Short Term, Affirmed (P)NP
.... BACKED Other Short Term, Affirmed
(P)NP
.... Counterparty Risk Assessment, Affirmed
NP(cr)
..Issuer: ERB Hellas (Cayman Islands) Limited
.... BACKED Other Short Term, Affirmed
(P)NP
..Issuer: ERB Hellas Funding Limited
.... BACKED Pref. Stock Non-cumulative,
Affirmed C (hyb)
..Issuer: ERB Hellas PLC
.... BACKED Commercial Paper, Affirmed
NP
.... BACKED Other Short Term, Affirmed
(P)NP
..Issuer: National Bank of Greece S.A.
.... LT Bank Deposits, Affirmed Caa3
Positive From Stable
.... ST Bank Deposits, Affirmed NP
.... BACKED Other Short Term, Affirmed
(P)NP
.... Counterparty Risk Assessment, Affirmed
NP(cr)
..Issuer: Piraeus Bank S.A.
.... LT Bank Deposits, Affirmed Caa3
Stable
.... ST Bank Deposits, Affirmed NP
.... Counterparty Risk Assessment, Affirmed
NP(cr)
..Issuer: Piraeus Group Finance Plc
.... BACKED Other Short Term, Affirmed
(P)NP
.... BACKED Commercial Paper, Affirmed
NP
Outlook Actions:
..Issuer: Alpha Bank AE
....Outlook, Changed To Positive From
Stable
..Issuer: Attica Bank S.A.
....Outlook, Remains Stable
..Issuer: Eurobank Ergasias S.A.
....Outlook, Remains Stable
..Issuer: National Bank of Greece S.A.
....Outlook, Changed To Positive From
Stable
..Issuer: Piraeus Bank S.A.
....Outlook, Remains Stable
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides certain 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 certain regulatory disclosures in relation
to the credit rating action on the support provider and in relation to
each particular credit rating action for securities that derive their
credit ratings from the support provider's credit rating.
For provisional ratings, this announcement provides certain 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.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this credit rating action,
and whose ratings may change as a result of this credit rating action,
the associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
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.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Nondas Nicolaides
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Cyprus Ltd.
Porto Bello Building
1, Siafi Street, 3042 Limassol
PO Box 53205
Limassol CY 3301
Cyprus
JOURNALISTS: 852 3758 1350
Client Service: 44 20 7772 5454
Sean Marion
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
Releasing Office:
Moody's Investors Service Cyprus Ltd.
Porto Bello Building
1, Siafi Street, 3042 Limassol
PO Box 53205
Limassol CY 3301
Cyprus
JOURNALISTS: 852 3758 1350
Client Service: 44 20 7772 5454
