Ratings are assigned following 6 June 2018 update to Moody's Banks rating methodology
London, 22 June 2018 -- Moody's Investors Service today assigned Counterparty Risk Ratings
to 19 banks and their branches and subsidiaries in the Benelux region:
ABN AMRO Bank N.V. (ABN AMRO), Axa Bank Belgium (ABB),
Banque et Caisse d'Epargne de l'Etat (BCEE), Belfius Bank SA/NV
(Belfius), BGL BNP Paribas (BGL), Banque Internationale a
Luxembourg (BIL), BNP Paribas Fortis SA/NV (BNPPF), China
Construction Bank (Europe) S.A. (CCB Europe), Credit
Europe Bank N.V. (CEB NV), De Volksbank N.V.
(De Volksbank), Demir-Halk Bank (Nederland) N.V.
(DHB), GarantiBank International N.V. (GBI),
ING Bank N.V. (ING), ING Belgium SA/NV (ING Belgium),
LeasePlan Corporation N.V. (LeasePlan), N.V.
Bank Nederlandse Gemeenten (BNG Bank), Nederlandse Waterschapsbank
N.V. (NWB Bank), NIBC Bank N.V. (NIBC)
and Rabobank.
Moody's Counterparty Risk Ratings (CRRs) are opinions of the ability
of entities to honor the uncollateralized portion of non-debt counterparty
financial liabilities (CRR liabilities) and also reflect the expected
financial losses in the event such liabilities are not honored.
CRR liabilities typically relate to transactions with unrelated parties.
Examples of CRR liabilities include the uncollateralized portion of payables
arising from derivatives transactions and the uncollateralized portion
of liabilities under sale and repurchase agreements. CRRs are not
applicable to funding commitments or other obligations associated with
covered bonds, letters of credit, guarantees, servicer
and trustee obligations, and other similar obligations that arise
from a bank performing its essential operating functions.
A full list of affected ratings is provided towards the end of this press
release.
RATINGS RATIONALE
In assigning CRRs to the banks subject to this rating action, Moody's
starts with the banks' adjusted Baseline Credit Assessments (BCAs) and
uses the agency's existing advanced Loss Given Failure (LGF) approach
that takes into account the level of subordination to CRR liabilities
in the bank's balance sheet, and assumes a nominal volume of such
liabilities. In addition, where applicable, Moody's
has incorporated the likelihood of government support for CRR liabilities.
As a result, of the CRRs assigned to the 19 banks, the CRRs
of 12 banks (ABN AMRO, BCEE, Belfius, BGL, BIL,
BNPPF, CCB Europe, ING, ING Belgium, BNG Bank,
NWB Bank, Rabobank) are four notches higher than their respective
adjusted BCAs, the CRRs of five banks (CEB NV, De Volksbank,
GBI, LeasePlan, NIBC) are three notches higher, the
CRR of one bank (ABB) is two notches higher and the CRR of one bank (DHB)
is one notch higher.
Although most if not all of the 17 banks whose CRRs receive four or three
notches of uplift from their adjusted BCAs are likely to have more than
a nominal volume of CRR liabilities at failure, this has no impact
on the ratings because the significant level of subordination below the
CRR liabilities at each of the 17 banks already provides the maximum amount
of uplift allowed under Moody's rating methodology.
In all cases the CRRs assigned are equal to or higher than the rated banks'
senior debt and deposit ratings. This reflects Moody's view that
secured counterparties to banks typically benefit from greater protections
under insolvency laws and bank resolution regimes than do senior unsecured
creditors, and that this benefit is likely to extend to the unsecured
portion of such secured transactions in most bank resolution regimes.
Moody's believes that in many cases regulators will use their discretion
to allow a bank in resolution to continue to honor its CRR liabilities
or to transfer those liabilities to another party who will honor them,
in part because of the greater complexity of bailing in obligations that
fluctuate with market prices, and also because the regulator will
typically seek to preserve much of the bank's operations as a going
concern in order to maximize the value of the bank in resolution,
stabilize the bank quickly, and avoid contagion within the banking
system. CRR liabilities at these banks therefore benefit from the
subordination provided by more junior liabilities, with the extent
of the uplift of the CRR from the adjusted BCA depending on the amount
of subordination.
WHAT COULD CHANGE THE RATING UP/DOWN
ABN AMRO Bank N.V.
An upgrade of ABN AMRO's CRR could occur if the bank's adjusted
BCA were upgraded as a result of a material improvement in its leverage
ratio (regulatory leverage ratio of 4.3% at year-end
2017).
The bank's CRR could be downgraded if its adjusted BCA were downgraded
as a result of (1) a significant deterioration in the bank's asset quality
and profitability; or (2) a negative development in its liquidity;
or (3) if Moody's assessment of the bank's capital adequacy
relative to its risks deteriorated.
Axa Bank Belgium
An upgrade of ABB's CRR is unlikely given the negative pressure
on its adjusted BCA resulting from the negative outlook assigned to the
senior unsecured debt rating of its parent AXA (LT senior unsecured A2
negative).
ABB's CRR could be downgraded if its adjusted BCA were downgraded
in the event of a downgrade of AXA's senior unsecured debt rating
or if Moody's were to consider a lower probability of parental support
to be extended to the bank in case of need.
Banque et Caisse d'Epargne de l'Etat
As BCEE's CRR already benefits from the maximum LGF uplift under
Moody's rating methodology, it could only be upgraded as a
result of an upgrade of its adjusted BCA, which is unlikely at present.
A downgrade of the bank's CRR could result from (1) a downgrade
of the BCA and (2) higher loss-given-failure for CRR obligations
due to lower subordination protecting these liabilities. A downgrade
of the bank's BCA could result from (1) a deterioration in the quality
of BCEE's loan portfolio and securities investments, notably
through an increase in riskier investments; or (2) a decrease in
net profitability, owing to lower net interest margins in a prolonged
low interest rate environment and higher operating costs. More
generally, the BCA could be downgraded following a weakening of
the bank's franchise in Luxembourg or a substantial increase in borrower
concentrations.
Belfius Bank SA/NV
Belfius' CRR could be upgraded as a result of an upgrade of its adjusted
BCA. The bank's adjusted BCA would likely be upgraded if risk concentrations
in its loan and investment portfolios were to be further reduced,
its profit growth acceleration were confirmed or its capital position
continues to strengthen above the current expectations.
A downgrade of Belfius' CRR is unlikely over the outlook horizon,
as reflected in the positive outlook on its long-term deposit and
senior unsecured debt ratings. However, Belfius' adjusted
BCA, and hence its CRR, could be downgraded as a result of
unexpected losses arising from its investment or loan book.
BGL BNP Paribas
BGL's CRR could be upgraded if its adjusted BCA were upgraded.
BGL's BCA and adjusted BCA are already one notch above those of
its parent BNP Paribas (BNPP; LT deposit Aa3 stable, LT senior
unsecured Aa3 stable, BCA baa1) and it is therefore unlikely to
further increase absent any improvement in BNPP's own BCA. In such
a scenario, BGL's adjusted BCA could be upgraded as a result of
a strengthening of its asset quality and/or an improvement of its profitability.
BGL's CRR could be downgraded if its adjusted BCA were downgraded
in the event the bank suffers significant asset-quality deterioration
or if its parent were to transfer activities that would alter the risk
profile of BGL. The bank's CRR could also be downgraded as
a result of higher loss-given-failure due to a material
reduction in liabilities subordinated to the CRR obligations.
N.V. Bank Nederlandse Gemeenten
An upgrade of the BNG Bank's BCA will not trigger any upgrade of
the bank's CRR which is already Aaa.
A multi-notch downgrade of the bank's BCA could result in
a downgrade of its CRR. The CRR will likely not be affected by
a one notch downgrade of the BCA, because this would likely be offset
by government support.
Downward pressure on BNG Bank's BCA could result from (1) a deterioration
in the creditworthiness of the Dutch public sector; (2) a significant
increase in the bank's risk weighted assets; (3) a significant increase
in its funding gaps; or (4) a deterioration in its solvency.
Banque Internationale a Luxembourg
BIL's CRR could be upgraded if its adjusted BCA were upgraded.
The bank's adjusted BCA could be upgraded if it improved its profitability
or asset risk, or both, while maintaining its capital base,
or if the uncertainties stemming from the bank's recent acquisition
by a new shareholder abated.
BIL's CRR could be downgraded if its adjusted BCA were downgraded.
BIL's adjusted BCA could be downgraded as a result of (1) a deterioration
in its profitability that may result from difficulties in implementing
its commercial strategy; or (2) material losses stemming from the
bank's investment portfolio and loan book in a less benign macroeconomic
environment.
Credit Europe Bank N.V.
CEB NV's CRR is on review for upgrade as a result of the current
review for upgrade on the bank's BCA. The bank's BCA
and consequently its long-term deposit rating and CRR, all
currently on review for upgrade, could be upgraded on the sale of
Credit Europe Bank Limited (CEBL) to CEB NV's parent Fiba Group,
which is still contingent upon the approval of local regulators.
The upgrade would be underpinned by stronger operating conditions in jurisdictions
where CEB NV does business, which will affect the bank's asset
quality and profitability.
Although unlikely at present, a downgrade of CEB NV's CRR
could result from a downgrade of the bank's BCA due to higher asset
risks, lower capitalisation or reduced profitability.
Demir-Halk Bank (Nederland) N.V.
DHB's CRR could be upgraded if the bank's BCA were upgraded,
which could be triggered by a decrease in emerging market exposures and
a sustainable improvement in profitability. In addition,
DHB's CRR could be upgraded if the subordination benefiting CRR
obligations were to increase, resulting in lower loss-given-failure.
DHB's CRR could be downgraded if the bank's BCA were downgraded,
which could be triggered notably by (1) reduced profitability and increased
earnings volatility; (2) a deterioration in operating conditions
in Turkey, impacting asset quality; (3) weakening capital;
or (4) an increase in related party lending.
China Construction Bank (Europe) S.A.
CCB Europe's CRR could be upgraded if its adjusted BCA were upgraded.
Unless the BCA of its parent China Construction Bank Corporation's
(CCB, LT deposit A1 stable, BCA baa1) BCA itself were upgraded,
an upgrade of CCB Europe's ba2 BCA would be unlikely to result in an upgrade
of the bank's CRR.
CCB's CRR could be downgraded if its adjusted BCA were downgraded.
The bank's adjusted BCA could be downgraded as a result of a downgrade
in CCB's BCA or a downgrade of its own BCA. Factors that may lead
to a downgrade of CCB Europe's standalone BCA include (1) difficulties
in implementing the bank's business development plan, which would
result in lower-than-expected volumes of loans granted and
a protracted period of negative profitability; (2) increasing asset
risk resulting from higher delinquencies; and (3) a failure to attract
new deposits and so diversify the bank's funding profile.
CCB's CRR could also be downgraded if Moody's were to consider that
the Chinese government's support to CCB Europe would be less likely than
currently expected.
De Volksbank N.V.
De Volksbank's CRR could be upgraded if (1) its adjusted BCA were
upgraded owing to further strengthening of its profitability and asset
risk; or (2) as a result of a decrease in loss-given-failure
implied by a higher volume of subordinated liabilities to the CRR obligations.
De Volksbank's CRR could be downgraded in the event its adjusted BCA were
downgraded as a result of a material deterioration of the bank's asset
quality and solvency driven by an unexpected downturn in the domestic
economy, or a deterioration of its liquidity profile.
GarantiBank International N.V.
An upgrade of GBI's CRR is unlikely at present as it is on review
for downgrade, along with the review for downgrade on the bank's
BCA caused by increased asset risks due to the bank's Turkish exposures.
A downgrade of GBI's BCA, long-term deposit ratings and CRR
could result from (1) increased asset risks in relation to the bank's
Turkish exposures and/or declining profitability; (2) contagion risk
from Turkiye Garanti Bankasi (TGB); and/or (3) a lower probability
of support from BBVA.
A downgrade of GBI's CRR could also result from a decrease in the
subordination benefiting CRR obligations, resulting in higher loss-given-failure
for these liabilities.
ING Bank N.V.
ING Bank's CRR could be upgraded if its adjusted BCA were upgraded
as a result of (1) a material improvement in the operating environment
in the EU countries to which the bank is mostly exposed, leading
to substantially improved asset risk and a higher profitability level;
(2) a strengthening capital position; or (3) a lower reliance on
confidence-sensitive wholesale funding.
ING Bank's CRR could be downgraded if its adjusted BCA were downgraded
as a result of (1) an unexpected deterioration in asset risk and profitability;
or (2) a weaker-than expected capital position.
ING Belgium SA/NV
ING Belgium's CRR could be upgraded if its adjusted BCA were upgraded
as a result of (1) a substantial decrease in the bank's net exposure to
its parent, ING Bank, N.V. (LT deposit Aa3 stable,
LT senior unsecured Aa3 stable, BCA baa1); or (2) an improvement
in its parent's BCA, which currently constrains that of ING Belgium.
ING Belgium's CRR could be downgraded if its adjusted BCA is downgraded
as a result of a weakening in the bank's credit profile, due
for instance to (1) an unexpected deterioration of the operating environment
in Belgium; or (2) a decline in profitability if the bank fails to
implement its restructuring plan. ING Belgium's adjusted BCA could
also be downgraded if ING Bank's BCA is downgraded.
LeasePlan Corporation N.V.
An upgrade of LeasePlan's CRR is unlikely at present because the
CRR already benefits from three notches of LGF uplift, which is
the maximum under Moody's rating methodology. An upgrade
of LeasePlan's BCA would likely trigger a similar upgrade of the
CRR, but is unlikely at present, considering that LeasePlan's
owners are private equity investors who are expected to constrain capital
accrual at the bank.
LeasePlan's BCA and consequently its CRR could be downgraded if the shareholders
implemented a more aggressive financial policy at the bank. In
addition, its ratings could be downgraded as a result of (1) the
failure of risk-mitigation techniques, recurring earnings
or capital resources to adequately cover higher residual value risk;
(2) evidence of deterioration in the bank's liquidity and funding profiles,
resulting from increased reliance on wholesale funding or worse-than-expected
liquidity gaps; or (3) a structural deterioration in profitability
or the diversity of income streams.
NIBC Bank N.V.
NIBC's CRR could be upgraded if its adjusted BCA were upgraded as
a result of improved asset risk and profitability.
A downgrade of NIBC's CRR could result from a downgrade of its adjusted
BCA driven by a deterioration in its asset quality in light of weaker
credit exposures, notably to cyclical corporate sectors (for example,
commercial real estate, shipping, and oil and gas).
The bank's BCA could also be lowered if the liquidity or funding mix deteriorates.
Nederlandse Waterschapsbank N.V.
An upgrade of the NWB Bank's BCA would not trigger any upgrade of
the bank's CRR which is already Aaa.
A multi-notch downgrade of the bank's BCA could result in
a downgrade of its CRR. The CRR will likely not be affected by
a one notch downgrade of the BCA, because this would likely be offset
by government support.
Downward pressure on NWB Bank's BCA could result from (1) a deterioration
in the creditworthiness of the Dutch public sector; (2) a significant
increase in the bank's risk-weighted assets; (3) a significant
increase in its funding gaps; or (4) a significant deterioration
in its solvency.
Rabobank
An upgrade of Rabobank's BCA, and consequently of the long-term
CRR, could occur if (1) Rabobank improved its structural profitability
beyond its current plans; (2) its capital continued to steadily increase;
and (3) asset risks remained very low.
A downgrade of the bank's BCA, and consequently of the long-term
CRR, could occur if (1) the bank's profitability were significantly
impaired; or (2) the cost of risk in the bank's loan portfolio were
to increase materially.
LIST OF AFFECTED RATINGS
Issuer: BGL BNP Paribas
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa2
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: BNP Paribas Fortis SA/NV
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa3
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: BNP Paribas Fortis, New York Branch
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa3
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: LeasePlan Corporation N.V.
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned A3
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-2
Issuer: LeasePlan Finance N.V. (DUBLIN BRANCH)
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned A3
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-2
Issuer: N.V. Bank Nederlandse Gemeenten
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aaa
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: Nederlandse Waterschapsbank N.V.
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aaa
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: Banque et Caisse d'Epargne de l'Etat
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa1
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: ABN AMRO Bank N.V.
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa3
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: ING Bank N.V.
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa3
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: ING Bank N.V. (Singapore)
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa3
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: ING Bank N.V., Sydney Branch
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa3
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: ING Bank N.V., Tokyo Branch
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa3
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: ING Groenbank N.V.
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa3
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: ING Belgium SA/NV
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa3
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: Belfius Bank SA/NV
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned A1
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: AXA Bank Belgium
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa3
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: GarantiBank International N.V.
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned A2, Placed Under Review
for Downgrade
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1, Placed
Under Review for Downgrade
Issuer: Demir-Halk Bank (Nederland) N.V.
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Baa3
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-3
Issuer: De Volksbank N.V.
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned A1
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: Banque Internationale a Luxembourg
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned A1
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: China Construction Bank (Europe) S.A.
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned A1
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: Rabobank
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa2
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: Rabobank, Australia Branch
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa2
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: Rabobank, Hong Kong Branch
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa2
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: Rabobank, New York Branch
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa2
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: Rabobank, New Zealand Branch
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa2
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: Rabobank, Paris Branch
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa2
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: Rabobank, Singapore Branch
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa2
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: Rabobank, The Netherlands Branch
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Aa2
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-1
Issuer: NIBC Bank N.V.
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned A3
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned P-2
Issuer: Credit Europe Bank N.V.
Assignments:
....Long-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned Ba1, Placed Under Review
for Upgrade
....Short-term Counterparty Risk Rating
(Local and Foreign Currency), Assigned NP, Placed Under Review
for Upgrade
The principal methodology used in these ratings was Banks published in
June 2018. Please see the Rating Methodologies page on www.moodys.com
for a copy of this methodology.
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.
Items color coded in purple in this Press Release relate to unsolicited
ratings for a rated entity which is non-participating.
The below contact information is provided for information purposes only.
Please see the ratings tab of the issuer page at www.moodys.com,
for each of the ratings covered, Moody's disclosures on the
lead rating analyst and the Moody's legal entity that has issued
the ratings.
The relevant office for each credit rating is identified in "Debt/deal
box" on the Ratings tab in the Debt/Deal List section of each issuer/entity
page of the website.
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.
Guillaume Lucien-Baugas
Vice President - Senior Analyst
Financial Institutions Group
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454
Nicholas Hill
MD - Banking
Financial Institutions Group
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Client Service: 44 20 7772 5454
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