New York, November 18, 2020 -- Moody's Investors Service, ("Moody's") has
affirmed the long-term debt and deposit ratings, counterparty
risk ratings and counterparty risk assessments of JPMorgan Chase &
Co. (JPM, senior debt at A2) and certain subsidiaries,
as well as the baseline credit assessment (BCA) of its principal bank
subsidiary, JPMorgan Chase Bank, N.A. (deposits
at Aa1 and BCA of a2). Moody's also affirmed all Prime-1
short-term ratings of JPM's rated subsidiaries. All rating
outlooks are stable. A complete list of affected ratings and entities
can be found at the end of this press release.
RATINGS RATIONALE
The affirmation reflects the breadth and strength of JP Morgan's four
franchises -- Consumer and Community Banking, Commercial
Banking, Asset and Wealth Management and Corporate and Investment
Banking. Management has consistently enhanced the customer value
proposition and profitability of each of these businesses and achieved
a position among the industry leaders. Each business has significant
scale, producing $42 billion of pre-provision profits
in the first nine months of 2020 that helped the bank absorb $15.2
billion in increased credit provisions during this period.
JP Morgan's business mix also produces noteworthy diversification benefits
for bondholders, providing a sturdy buffer against the greater volatility
of the bank's capital markets activity through the cycle. JPM's
inherent capital market risks are further mitigated by the more stable
wholesale payments and securities service businesses housed within the
investment bank, as well as the scale and completeness of the firm's
primary and secondary capabilities, which allow it to be selective
in the capital markets activity it pursues.
JP Morgan's client driven execution has produced consistent growth in
customer balances and engagement in each of the bank's four franchises.
This has allowed JP Morgan to capture market share in many businesses
- such as retail deposits, wealth management, investment
banking and secondary trading. This growth has been driven in part
by footprint expansion and not primarily by a relaxation in underwriting
standards. This nimble approach to growth has bolstered JP Morgan's
competitive advantage and Moody's expects it will help sustain the bank's
low levels of earnings volatility compared to peers.
JPM's solid capital and liquidity position was also a factor in the rating
affirmation. At Q3 2020, JPM's Basel III fully phased-in
CET1 ratio was 13.1% under the standardized approach compared
to a requirement of 11.3% including the Stress Capital Buffer.
Regulators have also prohibited US banks from repurchasing shares,
and we do not expect JPM to significantly reduce capital buffers until
pandemic uncertainty is reduced. As economic uncertainty recedes,
we expect JPM to resume share repurchases and reduce its current buffers
over regulatory requirements. JPM is also very liquid, benefitting
from the firm's diversified and growing deposit base and the healthy
weighted average maturity of its long-term debt. The firm
reported a Liquidity Coverage Ratio of 114% at 30 September 2020.
The continuing emergence of digitally focused competitors poses a threat
to incumbent financial services firms. However, Moody's expects
that JP Morgan's scale, earnings capacity, and diversity of
businesses will allow the firm to continue innovating its client offerings,
retain its key relationships and maintain its competitive advantage,
even as digital disruption of banking accelerates.
STRUCTURAL AND SUPPORT CONSIDERATIONS
Moody's existing assumptions of Loss Given Failure (LGF) uplift and Government
support remain unchanged for JPM and its subsidiaries.
JPMorgan Chase Bank, N.A.'s deposit and counterparty
risk ratings were affirmed at Aa1, both four notches above the a2
baseline credit assessment, including 3 notches of LGF benefit reflecting
Moody's expectation of an extremely low severity of loss in the event
of a default, and one notch reflecting a moderate likelihood of
systemic support. Senior debt at the lead bank level is rated Aa2
and lead bank subordinated debt is rated (P)Aa3 as both classes are expected
to face very low loss given failure and receive two notches of LGF benefit.
Senior debt at the lead bank level also receives a further one notch of
benefit reflecting a moderate likelihood of systemic support.
The senior debt rating of the holding company, JPMorgan Chase &
Co., is A2, the same level as the bank's baseline credit
assessment reflecting expectation of moderate loss given failure.
JPM's holding company debt ratings do not incorporate any lift to reflect
the potential for US government support. For subordinated securities
issued by the holding company, our LGF analysis indicates a high
loss-given-failure and are rated one notch below the BCA
at A3. The ratings on more junior holding company obligations also
incorporate additional downward notching from the BCA reflecting the coupon
suspension risk ahead of potential failure.
AFFIRMATION OF OPERATING SUBSIDIARY RATINGS
In addition to JPMorgan Chase Bank, N.A., Moody's
also affirmed the long-term ratings of four other operating subsidiaries,
namely J.P. Morgan Securities, LLC; as well as
three entities based in Europe - J.P. Morgan Securities
plc and J.P. Morgan AG and J.P. Morgan Bank
Luxembourg S.A. These four entities are material legal entities
and are closely integrated with the JPM group -- managerially,
operationally and financially. Currently, we apply our Securities
Industry Market Makers Methodology to J.P. Morgan Securities,
LLC and J.P. Morgan Securities plc and treat J.P.
Morgan AG and J.P. Morgan Bank Luxembourg S.A.
as highly integrated harmonized subsidiaries. In each case,
each of these entities carries an adjusted standalone assessment (or adjusted
BCA in the case of J.P. Morgan AG and J.P.
Morgan Bank Luxembourg S.A.) equal to that of the group
BCA of a2, reflecting our view that these entities will benefit
from internal pre-positioned structural support or are very likely
to be supported by the group in any event. Further, the three
European entities are important to JPM's Brexit implementation program
which may entail changes to the current level of staff, capital,
liquidity and assets as the program is implemented. Hence,
their balance sheets and booking model and Moody's ratings approach
may evolve as these changes occur. However, these changes
will be made in the context of JP Morgan's capital adequacy and
planning processes which are designed to ensure capital adequacy of an
entity in normal and stressed environments and this expectation is a factor
in the stable outlooks on the ratings of these entities.
Moody's believes that in resolution creditors at each of J.P.
Morgan Securities, LLC, J.P. Morgan Securities
plc, J.P. Morgan Bank Luxembourg S.A.
and J.P. Morgan AG would benefit from the loss-absorption
provided by the bail-in of creditors at JPM's holding company consistent
with the firm's resolution plan and the US banking regulators adoption
of single-point of entry receivership as their preferred bank resolution
framework. However, Moody's does not expect creditors at
those subsidiaries would benefit from any loss absorption provided by
junior instruments at JPM's US bank subsidiaries. This translates
into two notches of LGF uplift for the Aa3 Issuer ratings of each of the
four subsidiaries. The Aa1 deposit rating and counterparty risk
rating of J.P. Morgan AG as well as the Aa1(cr) counterparty
risk assessments of the three other subsidiaries incorporate 3 notches
of LGF uplift plus one notch of uplift reflecting a moderate likelihood
of government support due to the systemic importance of these subsidiaries
as material legal entities and major trading counterparties and clearing
vehicles.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The large size and complexity of JP Morgan's capital markets businesses
can pose substantial creditor risks. Therefore, further upgrades
would depend on maintaining strong and stable performance and capital
levels above peer averages while establishing a superior track record
of risk controls and exemplary regulatory relations.
Under our advanced Loss-Given-Failure (LGF) framework,
upward rating pressure could develop for various debt tranches at the
operating subsidiaries or the holding company if there is a sustained
increase in the thickness of tranches or the subordination underneath
tranches, relative to tangible banking assets and losses estimated
in the framework or we change our assumptions regarding resolution perimeters.
JP Morgan could be downgraded if the bank experiences a significant deterioration
in its capital or liquidity levels, demonstrates a marked increase
in its risk appetite, or experiences a major litigation or other
sizeable operational risk charge or control failure.
Erosion of competitive standing of any of the four franchises that reduces
the benefits of diversification could lead to downward rating pressure.
Under our advanced Loss-Given-Failure (LGF) framework,
downward rating pressure could develop for various debt tranches at the
operating subsidiaries or the holding company if there is a sustained
decrease in the thickness of tranches or the subordination underneath
tranches, relative to tangible banking assets and losses estimated
in the framework or we change our assumptions regarding resolution perimeters.
LIST OF AFFECTED RATINGS
Affirmations:
..Issuer: JPMorgan Chase & Co.
....Commercial Paper, Affirmed P-1
....LT Issuer Rating, Affirmed A2,
Stable
....Senior Unsecured Medium-Term Note
Program (Local Currency), Affirmed (P)A2
....Senior Unsecured Medium-Term Note
Program (Foreign Currency), Affirmed (P)A2
....Subordinate Medium-Term Note Program
(Local Currency), Affirmed (P)A3
....Subordinate Medium-Term Note Program
(Foreign Currency), Affirmed (P)A3
....Other Short Term, Affirmed (P)P-1
....Pref. Stock Non-cumulative,
Affirmed Baa2 (hyb)
....Senior Unsecured Bond (Local Currency),
Affirmed A2, Stable
....Senior Unsecured Bond (Foreign Currency),
Affirmed A2, Stable
....Junior Subordinate Bond, Affirmed
Baa1 (hyb)
....Subordinate Bond, Affirmed A3
....Pref. Shelf Non-cumulative,
Affirmed (P)Baa2
....Senior Unsecured Shelf, Affirmed
(P)A2
....Subordinate Shelf, Affirmed (P)A3
..Issuer: BANK ONE CORPORATION
....Subordinate Bond, Affirmed A3
..Issuer: BANK ONE Capital III
....Backed Pref. Stock, Affirmed
Baa1 (hyb)
..Issuer: Bank One, Michigan
....Subordinate Bond, Affirmed Aa3
..Issuer: The Bear Stearns Companies LLC.
....Senior Unsecured Bond, Affirmed
A2, Stable
..Issuer: J.P. Morgan & Co.
Incorporated
....Senior Unsecured Bond (Local Currency),
Affirmed A2, Stable
....Senior Unsecured Bond (Foreign Currency),
Affirmed A2, Stable
....Subordinate Bond, Affirmed A3
..Issuer: JP Morgan International Derivatives Ltd
....Backed Senior Unsecured Bond (Foreign
Currency), Affirmed Aa2, Stable
..Issuer: J.P. Morgan AG
....Adjusted Baseline Credit Assessment,
Affirmed a2
....Baseline Credit Assessment, Affirmed
a2
....LT Counterparty Risk Assessment,
Affirmed Aa1(cr)
....ST Counterparty Risk Assessment,
Affirmed P-1(cr)
....LT Counterparty Risk Rating (Local Currency),
Affirmed Aa1
....ST Counterparty Risk Rating (Local Currency),
Affirmed P-1
....LT Counterparty Risk Rating (Foreign Currency),
Affirmed Aa1
....ST Counterparty Risk Rating (Foreign Currency),
Affirmed P-1
....LT Issuer Rating (Local Currency),
Affirmed Aa3, Stable
....ST Issuer Rating (Local Currency),
Affirmed P-1
....LT Issuer Rating (Foreign Currency),
Affirmed Aa3, Stable
....ST Issuer Rating (Foreign Currency),
Affirmed P-1
....LT Bank Deposits (Local Currency),
Affirmed Aa1, Stable
....ST Bank Deposits (Local Currency),
Affirmed P-1
....LT Bank Deposits (Foreign Currency),
Affirmed Aa1, Stable
....ST Bank Deposits (Foreign Currency),
Affirmed P-1
..Issuer: J.P. Morgan Bank Luxembourg
S.A.
....Adjusted Baseline Credit Assessment,
Affirmed a2
....Baseline Credit Assessment, Affirmed
a2
....LT Counterparty Risk Assessment,
Affirmed Aa1(cr)
....ST Counterparty Risk Assessment,
Affirmed P-1(cr)
....LT Counterparty Risk Rating (Local Currency),
Affirmed Aa1
....ST Counterparty Risk Rating (Local Currency),
Affirmed P-1
....LT Counterparty Risk Rating (Foreign Currency),
Affirmed Aa1
....ST Counterparty Risk Rating (Foreign Currency),
Affirmed P-1
....LT Issuer Rating, Affirmed Aa3,
Stable
....LT Bank Deposits, Affirmed Aa1,
Stable
....ST Bank Deposits, Affirmed P-1
..Issuer: J.P. Morgan Securities plc
....LT Counterparty Risk Assessment,
Affirmed Aa1(cr)
....ST Counterparty Risk Assessment,
Affirmed P-1(cr)
....LT Issuer Rating (Local Currency),
Affirmed Aa3, Stable
....ST Issuer Rating (Local Currency),
Affirmed P-1
....LT Issuer Rating (Foreign Currency),
Affirmed Aa3, Stable
....ST Issuer Rating (Foreign Currency),
Affirmed P-1
..Issuer: J.P. Morgan Securities,
LLC
....Commercial Paper, Affirmed P-1
....LT Counterparty Risk Assessment,
Affirmed Aa1(cr)
....ST Counterparty Risk Assessment,
Affirmed P-1(cr)
....LT Issuer Rating, Affirmed Aa3
....ST Issuer Rating, Affirmed P-1
..Issuer: JP MORGAN STRUCTURED PRODUCTS BV
....Backed Senior Unsecured Medium-Term
Note Program (Foreign Currency), Affirmed (P)Aa2
....Backed Other Short Term (Foreign Currency),
Affirmed (P)P-1
..Issuer: JPMorgan Chase Bank, N.A.
....Adjusted Baseline Credit Assessment,
Affirmed a2
....Baseline Credit Assessment, Affirmed
a2
....Senior Unsecured Bank Note Program,
Affirmed (P)Aa2
....Subordinate Bank Note Program, Affirmed
(P)Aa3
....ST Bank Note Program, Affirmed P-1
....LT Deposit Note/CD Program, Affirmed
(P)Aa1
....LT Deposit Note/Takedown, Affirmed
Aa1, Stable
....ST Deposit Note/Takedown, Affirmed
P-1
....LT Counterparty Risk Assessment,
Affirmed Aa1(cr)
....ST Counterparty Risk Assessment,
Affirmed P-1(cr)
....LT Counterparty Risk Rating (Local Currency),
Affirmed Aa1
....ST Counterparty Risk Rating (Local Currency),
Affirmed P-1
....LT Counterparty Risk Rating (Foreign Currency),
Affirmed Aa1
....ST Counterparty Risk Rating (Foreign Currency),
Affirmed P-1
....LT Issuer Rating, Affirmed Aa2,
Stable
....Senior Unsecured Medium-Term Note
Program (Local Currency), Affirmed (P)Aa2
....Senior Unsecured Medium-Term Note
Program (Foreign Currency), Affirmed (P)Aa2
....Subordinate Medium-Term Note Program
(Local Currency), Affirmed (P)Aa3
....Subordinate Medium-Term Note Program
(Foreign Currency), Affirmed (P)Aa3
....Other Short Term, Affirmed (P)P-1
....Senior Unsecured Bond (Local Currency),
Affirmed Aa2, Stable
....Senior Unsecured Bond (Foreign Currency),
Affirmed Aa2, Stable
....LT Bank Deposits, Affirmed Aa1,
Stable
....ST Bank Deposits, Affirmed P-1
..Issuer: JPMorgan Chase Bank, N.A.,
London Branch
....LT Counterparty Risk Assessment,
Affirmed Aa1(cr)
....ST Counterparty Risk Assessment,
Affirmed P-1(cr)
....LT Counterparty Risk Rating (Local Currency),
Affirmed Aa1
....ST Counterparty Risk Rating (Local Currency),
Affirmed P-1
....LT Counterparty Risk Rating (Foreign Currency),
Affirmed Aa1
....ST Counterparty Risk Rating (Foreign Currency),
Affirmed P-1
....Senior Unsecured Medium-Term Note
Program (Foreign Currency), Affirmed (P)Aa2
....Other Short Term (Foreign Currency),
Affirmed (P)P-1
..Issuer: JPMorgan Chase Bank, N.A.,
New York Branch
....LT Counterparty Risk Assessment,
Affirmed Aa1(cr)
....ST Counterparty Risk Assessment,
Affirmed P-1(cr)
....LT Counterparty Risk Rating (Local Currency),
Affirmed Aa1
....ST Counterparty Risk Rating (Local Currency),
Affirmed P-1
....LT Counterparty Risk Rating (Foreign Currency),
Affirmed Aa1
....ST Counterparty Risk Rating (Foreign Currency),
Affirmed P-1
....Senior Unsecured Medium-Term Note
Program (Foreign Currency), Affirmed (P)Aa2
....Subordinate Medium-Term Note Program
(Foreign Currency), Affirmed (P)Aa3
..Issuer: JPMorgan Chase Bank, N.A.,
Paris Branch
....LT Counterparty Risk Assessment,
Affirmed Aa1(cr)
....ST Counterparty Risk Assessment,
Affirmed P-1(cr)
....LT Counterparty Risk Rating (Local Currency),
Affirmed Aa1
....ST Counterparty Risk Rating (Local Currency),
Affirmed P-1
....LT Counterparty Risk Rating (Foreign Currency),
Affirmed Aa1
....ST Counterparty Risk Rating (Foreign Currency),
Affirmed P-1
....LT Bank Deposits (Foreign Currency),
Affirmed Aa1, Stable
....ST Bank Deposits (Foreign Currency),
Affirmed P-1
..Issuer: JPMorgan Chase Bank, N.A.,
Singapore Br
....LT Counterparty Risk Assessment,
Affirmed Aa1(cr)
....ST Counterparty Risk Assessment,
Affirmed P-1(cr)
....LT Counterparty Risk Rating (Local Currency),
Affirmed Aa1
....ST Counterparty Risk Rating (Local Currency),
Affirmed P-1
....LT Counterparty Risk Rating (Foreign Currency),
Affirmed Aa1
....ST Counterparty Risk Rating (Foreign Currency),
Affirmed P-1
....Senior Unsecured Medium-Term Note
Program (Foreign Currency), Affirmed (P)Aa2
....Other Short Term (Foreign Currency),
Affirmed (P)P-1
....LT Bank Deposits (Foreign Currency),
Affirmed Aa1, Stable
....ST Bank Deposits (Foreign Currency),
Affirmed P-1
..Issuer: JPMorgan Chase Bank, N.A.,
Toronto
....Backed Commercial Paper (Foreign Currency),
Affirmed P-1
....LT Counterparty Risk Assessment,
Affirmed Aa1(cr)
....ST Counterparty Risk Assessment,
Affirmed P-1(cr)
....LT Counterparty Risk Rating (Local Currency),
Affirmed Aa1
....ST Counterparty Risk Rating (Local Currency),
Affirmed P-1
....LT Counterparty Risk Rating (Foreign Currency),
Affirmed Aa1
....ST Counterparty Risk Rating (Foreign Currency),
Affirmed P-1
....LT Bank Deposits (Local Currency),
Affirmed Aa1, Stable
....ST Bank Deposits (Local Currency),
Affirmed P-1
....LT Bank Deposits (Foreign Currency),
Affirmed Aa1, Stable
....ST Bank Deposits (Foreign Currency),
Affirmed P-1
..Issuer: Morgan Guaranty Trust Company of New York
....Backed Senior Unsecured Bond (Foreign
Currency), Affirmed Aa2, Stable
..Issuer: JPMorgan Chase Financial Company LLC
....Backed Senior Unsecured Medium-Term
Note Program, Affirmed (P)A2
....Backed Senior Unsecured Bond (Local Currency),
Affirmed A2, Stable
....Backed Senior Unsecured Bond (Foreign
Currency), Affirmed A2, Stable
....Backed Senior Unsecured Shelf, Affirmed
(P)A2
..Issuer: Chase Bank USA, National Association
....Senior Unsecured Bond (Local Currency),
Affirmed Aa2, Stable
....Senior Unsecured Bond (Foreign Currency),
Affirmed Aa2, Stable
Outlook Actions:
..Issuer: JPMorgan Chase & Co.
....Outlook, Remains Stable
..Issuer: The Bear Stearns Companies LLC.
....Outlook, Changed to No Outlook from
Stable
..Issuer: J.P. Morgan & Co.
Incorporated
....Outlook, Changed to No Outlook from
Stable
..Issuer: JP Morgan International Derivatives Ltd
....Outlook, Remains Stable
..Issuer: J.P. Morgan AG
....Outlook, Remains Stable
..Issuer: J.P. Morgan Bank Luxembourg
S.A.
....Outlook, Remains Stable
..Issuer: J.P. Morgan Securities plc
....Outlook, Remains Stable
..Issuer: J.P. Morgan Securities,
LLC
....Outlook, Remains Stable
..Issuer: JP MORGAN STRUCTURED PRODUCTS BV
....Outlook, Remains Stable
..Issuer: JPMorgan Chase Bank, N.A.
....Outlook, Remains Stable
..Issuer: JPMorgan Chase Bank, N.A.,
London Branch
....Outlook, Remains Stable
..Issuer: JPMorgan Chase Bank, N.A.,
New York Branch
....Outlook, Remains Stable
..Issuer: JPMorgan Chase Bank, N.A.,
Paris Branch
....Outlook, Remains Stable
..Issuer: JPMorgan Chase Bank, N.A.,
Singapore Br
....Outlook, Remains Stable
..Issuer: JPMorgan Chase Bank, N.A.,
Toronto
....Outlook, Remains Stable
..Issuer: Morgan Guaranty Trust Company of New York
....Outlook, Changed to No Outlook from
Stable
..Issuer: JPMorgan Chase Financial Company LLC
....Outlook, Remains Stable
The principal methodology used in rating JPMorgan Chase & Co.,
BANK ONE CORPORATION, BANK ONE Capital III, Bank One,
Michigan, The Bear Stearns Companies LLC., J.P.
Morgan & Co. Incorporated, JP Morgan International Derivatives
Ltd, J.P. Morgan AG, J.P. Morgan
Bank Luxembourg S.A., JP MORGAN STRUCTURED PRODUCTS
BV, JPMorgan Chase Bank, N.A., JPMorgan
Chase Bank, N.A., London Branch, JPMorgan
Chase Bank, N.A., New York Branch, JPMorgan
Chase Bank, N.A., Paris Branch, JPMorgan
Chase Bank, N.A., Singapore Br, JPMorgan
Chase Bank, N.A., Toronto, Morgan Guaranty
Trust Company of New York, JPMorgan Chase Financial Company LLC,
and Chase Bank USA, National Association was Banks Methodology published
in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1147865.
The principal methodologies used in rating J.P. Morgan Securities
plc and J.P. Morgan Securities, LLC were Banks Methodology
published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1147865,
and Securities Industry Market Makers Methodology published in November
2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1187332.
Alternatively, please see the Rating Methodologies page on www.moodys.com
for a copy of these methodologies.
REGULATORY DISCLOSURES
For further specification of Moody's key rating assumptions and
sensitivity analysis, see the sections Methodology Assumptions and
Sensitivity to Assumptions in the disclosure form. Moody's
Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.
For ratings issued on a program, series, category/class of
debt or security this announcement provides certain regulatory disclosures
in relation to each rating of a subsequently issued bond or note of the
same series, category/class of debt, security 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.
The ratings have been disclosed to the rated entity or its designated
agent(s) and issued with no amendment resulting from that disclosure.
These ratings are solicited. Please refer to Moody's Policy
for Designating and Assigning Unsolicited Credit Ratings available on
its website www.moodys.com.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
Moody's general principles for assessing environmental, social
and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.
The Global Scale Credit Rating on this Credit Rating Announcement was
issued by one of Moody's affiliates outside the EU and is endorsed
by Moody's Deutschland GmbH, An der Welle 5, Frankfurt
am Main 60322, Germany, in accordance with Art.4 paragraph
3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies.
Further information on the EU endorsement status and on the Moody's
office that issued the credit rating is available on www.moodys.com.
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.
Peter E. Nerby
Senior Vice President
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Ana Arsov
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
