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Rating Action:

Moody's assigns Aa3 rating to Goldman Sachs' European Banks

27 Dec 2007
Moody's assigns Aa3 rating to Goldman Sachs' European Banks

New York, December 27, 2007 -- Moody's Investors Service assigned first time ratings of Aa3 for long-term deposits and B for financial strength to both Goldman Sachs Bank (Europe) plc (GSBE) and Goldman Sachs Private Bank Ltd (GSPB). The rating outlook for both banks is stable.

GSBE and GSPB, located and licensed in Ireland, are wholly owned banking subsidiaries of the Goldman Sachs Group Inc. The banks were created to further Goldman's goal of offering select banking services to its high-net-worth and institutional clients that first started in 2006 with the establishment of Goldman Sachs Bank USA (rated Aa3/B by Moody's). GSBE and GSPB will raise most of their initial funding by sweeping existing money market fund balances held by Goldman's long-standing private clients into bank deposits. Both banks will rely extensively on the Goldman Sachs Group for infrastructure, deposit and loan origination, and risk management.

GSBE will be the flagship international banking vehicle for Goldman Sachs. The banking license awarded to it by the Irish Financial Regulatory Authority will allow GSBE to take deposits in Ireland, make personal and corporate loans, and raise funding for Goldman Sachs.

GSPB holds the same banking license as GSBE, but will focus on raising deposits and extending loans to Goldman's U.S. high net worth clients.

Moody's views each of these banks to be highly integrated within the operations, strategy, and business of the Goldman Sachs Group. Further, Moody's does not expect either bank to be sold or spun-off in the foreseeable future. As such, the bank financial strength ratings (B BFSR) assigned to both GSBE and GSPB are linked to the Goldman Sachs Group Inc (Aa3 LT issuer rating).

The following ratings were assigned to both Goldman Sachs Bank (Europe) plc and Goldman Sachs Private Bank Ltd:

Bank Financial Strength Rating of B

Long Term Issuer Rating of Aa3

Senior Unsecured Deposit Ratings of Aa3

Short-term Deposit Rating of P-1

The outlook on all ratings is stable.

The Goldman Sachs Group, Inc. is a global investment banking, securities, and investment management firm headquartered in New York, NY. Pre-tax earnings for the fiscal year ending November 30, 2007 were $17.6 billion.

Goldman Sachs Bank (Europe) plc is a commercial bank located in Dublin, Ireland and licensed by the Irish Financial Regulatory Authority.

Goldman Sachs Private Bank Ltd is also a commercial bank located in Dublin, Ireland and licensed by the Irish Financial Regulatory Authority.

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

New York
Peter E. Nerby
Senior Vice President
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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