Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's changes outlooks on long-term ratings of Credit Agricole S.A. and CACIB to positive from stable

05 Jul 2018

All ratings are affirmed

London, 05 July 2018 -- Moody's Investors Service today changed the outlook to positive from stable on the A1 long-term deposit and senior unsecured debt ratings of the rated entities of Groupe Credit Agricole (GCA; the group), where applicable, including Credit Agricole S.A. (CASA), Credit Agricole Corporate and Investment Bank (CACIB) and the Caisses Regionales de Credit Agricole Mutuel (CRCAMs). All ratings of CASA, CACIB and the CRCAMs were affirmed.

A list of affected ratings can be found at the end of this press release.

RATINGS RATIONALE

-- AFFIRMATION OF GROUP RATINGS

Moody's affirmation of CASA's deposit and senior unsecured debt ratings of A1 reflects (1) CASA's baseline credit assessment (BCA) of baa3; (2) two notches of affiliate support, underpinned by the strong solidarity mechanisms prevailing within GCA, leading to an adjusted BCA of baa1; (3) two notches of uplift from Moody's Advanced Loss Given Failure (LGF) analysis; and (4) one notch of uplift stemming from a moderate probability of government support.

CASA's adjusted BCA of baa1 is a reflection of GCA's dominant retail banking, insurance and asset management franchises in France, which provide the bank with a widely diversified business mix and stable source of earnings. The group's standalone financial strength is characterised by (1) GCA's strong capital position, (2) the bank's resilient asset quality and manageable tail risks, (3) its strong earnings power and (4) its good liquidity and satisfactory funding structure.

-- CHANGE OF OUTLOOK TO POSITIVE FROM STABLE

The change of outlook to positive from stable primarily reflects further expected improvements in GCA's capitalisation. The group's fully-loaded Common Equity Tier 1 ratio reached 14.6% at the end of March 2018, having increased by 72 basis points (bps) over the last two years. The group targets a CET1 ratio of 16% by year-end 2019, pointing to further material improvement. Moody's believes that the 2019 CET1 target is ambitious and sets GCA apart from many other large European banking groups, but is achievable thanks to the group's capacity to retain the vast majority of its net income.

Moody's added that a further driver of improving creditworthiness was the relative stability of GCA's earnings in recent years. GCA's diversified earnings base, which includes profits generated by insurance, asset management, leasing & factoring, consumer finance and corporate & investment banking activities in addition to retail banking, has allowed the group to counter the negative revenue trends in French retail banking due to the low interest rate environment. Group revenues increased by 7% between 2014 and 2017, while the revenues of the regional banks decreased by 7%. Similarly, despite a 13% decline in the net income of the CRCAMs over the same period, overall group net income, on an underlying basis as disclosed by GCA, still increased by 45%.

Asset risk trends are strong, with loan loss impairment charges trending down since mid-2016 and reaching 17 bps of outstanding customer loans in the last twelve months ending March 2018 from 28 bps two years earlier. Loan loss provisions decreased in all business segments, including in Italy, which represented 8% of GCA's commercial lending exposures and 5% of its assets at year-end 2017. Although the new political situation in Italy could reduce the country's fiscal strength, Moody's believes that GCA's healthy and profitable retail banking franchise and other operations in Italy are unlikely to be materially affected. The group remains very well provisioned among European banks with reserves covering 84% of problem loans at end-March 2018.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's may upgrade CASA's adjusted BCA if GCA's CET1 ratio reached the objective currently set by the bank, while the group continues to generate solid earnings in the absence of significant deterioration in the group's operating environment, notably in Italy. An upgrade of CASA's adjusted BCA would likely lead to a similar upgrade of all debt and deposit ratings of CASA, CACIB, the CRCAMs and their backed subsidiaries.

Although unlikely at present, Moody's could downgrade CASA's adjusted BCA, and hence the ratings of CASA, CACIB, the CRCAMs and backed subsidiaries, in the case of a significant increase in asset risk, a worsening of the operating environment in Italy and/or further significant net interest margin erosion without offset from other group activities.

LIST OF AFFECTED RATINGS

Issuer: Credit Agricole S.A.

..Affirmations:

....Adjusted Baseline Credit Assessment, affirmed baa1

....Baseline Credit Assessment, affirmed baa3

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Issuer Rating, affirmed A1, outlook changed to Positive from Stable

....Long-term Bank Deposits, affirmed A1 outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Long-term Deposit Note/C Program, affirmed (P)A1

....Short-term Deposit Note/CD Program, affirmed P-1

....Senior Unsecured Regular Bond/Debenture, affirmed A1, outlook changed to Positive from Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Junior Senior Unsecured Medium-Term Note Program, affirmed (P)Baa2

....Subordinate Regular Bond/Debenture, affirmed Baa2

....Subordinate Medium-Term Note Program, affirmed (P)Baa2

....Preferred Stock Non-cumulative, affirmed Ba1(hyb)

....Other Short Term, affirmed (P)P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Credit Agricole S.A., London Branch

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Senior Unsecured Regular Bond/Debenture, affirmed A1, outlook changed to Positive from Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Backed Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Senior Unsecured Shelf, affirmed (P)A1

....Junior Senior Unsecured Regular Bond/Debenture, affirmed Baa2

....Junior Senior Unsecured Medium-Term Note Program, affirmed (P)Baa2

....Junior Senior Unsecured Shelf, affirmed (P)Baa2

....Subordinate Medium-Term Note Program, affirmed (P)Baa2

....Other Short Term, affirmed (P)P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Credit Agricole Corporate and Investment Bank

..Affirmations:

....Adjusted Baseline Credit Assessment, Affirmed baa1

....Baseline Credit Assessment, Affirmed ba2

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Short-term Deposit Note/CD Program, affirmed P-1

....Senior Unsecured Regular Bond/Debenture, affirmed A1, outlook changed to Positive from Stable

....Backed Senior Unsecured Regular Bond/Debenture, affirmed A1, outlook changed to Positive from Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Backed Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

....Other Short Term, affirmed (P)P-1

....Backed Other Short Term, affirmed (P)P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Credit Agricole CIB Finance (Guernsey) Ltd

..Affirmations:

....Backed Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Backed Other Short Term, affirmed (P)P-1

....Backed Senior Unsecured Regular Bond/Debenture, affirmed A1, outlook changed to Positive from Stable

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Credit Agricole CIB Finance Luxembourg S.A.

..Affirmations:

....Backed Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Backed Other Short Term, affirmed (P)P-1

..No Outlook assigned

Issuer: Credit Agricole CIB Financial Solutions

..Affirmations:

....Backed Senior Unsecured Regular Bond/Debenture, affirmed A1, outlook changed to Positive from Stable

....Backed Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Backed Other Short Term, affirmed (P)P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Credit Agricole CIB Finl Prod. (Guernsey) Ltd

..Affirmations:

....Backed Senior Unsecured Regular Bond/Debenture, affirmed A1, outlook changed to Positive from Stable

....Backed Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Backed Other Short Term, affirmed (P)P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Credit Agricole CIB, New York Branch

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Credit Agricole CIB, Tokyo Branch

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Alsace Vosges

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Atlantique Vendee

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Brie Picardie

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Other Short Term, affirmed (P)P-1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Centre Loire

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Centre-Est

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Charente Maritime Deux Sevres

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Charente Perigord

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM d'Alpes-Provence

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM d'Aquitaine

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM de Centre France

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM de Champagne-Bourgogne

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM de la Guadeloupe

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM de la Martinique-Guyane

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM de la Reunion

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM de l'Anjou et du Maine

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM de Lorraine

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM de Normandie

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM de Paris et d'Ile-de-France

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM de Touraine et du Poitou

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM des Cotes-d'Armor

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM des Savoie

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Subordinate Medium-Term Note Program, affirmed (P)Baa2

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM d'Ille et Vilaine

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM du Centre-Ouest

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Short-term Deposit Note/CD Program, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Subordinate Medium-Term Note Program, affirmed (P)Baa2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM du Finistere

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM du Languedoc

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM du Morbihan

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Regular Bond/Debenture, affirmed A1, outlook changed to Positive from Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM du Nord Est

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Franche-Comte

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Loire - Haute-Loire

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Nord de France

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Nord Midi-Pyrenees

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Normandie-Seine

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Provence Cote d'Azur

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Pyrenees-Gascogne

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Sud-Mediterranee

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Sud-Rhone-Alpes

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Toulouse 31

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed A1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: CRCAM Val de France

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

PRINCIPAL METHODOLOGY

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.

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
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
© 2019 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 ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S 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 RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating 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 or in preparing the Moody’s publications.

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.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

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

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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

​​​​​​
Moodys.com