Rating action concludes methodology and support-related reviews
NOTE: On July 7, 2015, the list of affected credit ratings accessible via hyperlink above the Ratings Rationale heading was corrected as follows: the Long Term Counterparty Risk Assessment assigned to Dexia Credit Local, New York Branch was corrected to Baa3(cr) from Ba3(cr).
NOTE: On January 8, 2016, the press release was corrected as follows: In the list of affected credit ratings accessible via hyperlink from the press release, for issuer Credit Agricole S.A., changed the unsolicited credit ratings disclosure to: “This rating was not initiated or not maintained at the request of the rated entity”; and added the following disclosure: “Moody’s considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody’s. On this basis, the rated entity or its agent(s) is considered to be a participating entity. The rated entity or its agent(s) generally provides Moody’s with information for the purposes of its ratings process.” Revised release follows.
London, 23 June 2015 -- Moody's Investors Service has today concluded its rating reviews on five
French banks and affirmed the ratings of another seven banks. These
reviews were initiated on 17 March 2015 (see press release at https://www.moodys.com/research/--PR_321005)
following the publication of the agency's new bank rating methodology
and also reflect revisions in Moody's government support assumptions for
European banks.
Moody's rating actions on French banks reflect the following considerations:
(1) the 'Very Strong -' Macro Profile of France (Aa1 negative);
(2) French banks' generally solid core financial metrics; (3) the
protection offered to senior creditors by substantial volumes and subordination
of bail-in-able securities, as captured by Moody's
Advanced Loss Given Failure (LGF) liability analysis; and (4) the
reduced likelihood of government support being forthcoming in the event
of need for these institutions.
Moody's has taken the following actions :
- Baseline Credit Assessments (BCAs) were upgraded for three banks,
affirmed for three banks and downgraded for one bank;
- Adjusted BCAs were upgraded for three banks, affirmed for
seven banks and downgraded for one bank;
- Long-term bank deposit ratings were upgraded for one bank,
confirmed for three banks, affirmed for two banks and downgraded
for one bank;
- Long-term bank senior unsecured debt ratings were upgraded
for one bank, confirmed for two banks, affirmed for two banks
and downgraded for one bank;
- The long-term senior secured debt rating was affirmed
for one institution;
- The short-term deposit and debt ratings were upgraded
for one bank, confirmed for one bank, affirmed for four banks
and downgraded for one bank involved in today's rating action.
- A new short-term senior unsecured debt rating of Prime-1
was assigned to one bank.
Concurrently, Moody's has also assigned Counterparty Risk Assessments
(CR Assessments) to 12 French banks and their branches, in line
with its new bank rating methodology.
Moody's has withdrawn the outlooks on all junior instrument ratings for
its own business reasons. Please refer to Moody's Investors Service's
Policy for Withdrawal of Credit Ratings, available on its website,
www.moodys.com.
Outlooks, which provide an opinion on the likely rating direction
over the medium term, are now assigned only to long-term
senior debt and deposit ratings.
This rating action does not include Banque Federative du Credit Mutuel,
Credit Industriel et Commercial and Credit Mutuel Arkea, which were
placed on review on 17th March. Moody's aims to conclude
these reviews by the end of June 2015. In addition, Moody's
has already concluded its reviews on BNP Paribas and Societe Generale
on 28 May 2015 (see press release at https://www.moodys.com/research/--PR_326277).
Please click on the following link to access the full list of affected
credit ratings. This list is an integral part of this press release
and identifies each affected issuer:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_182537
RATINGS RATIONALE
The new bank rating methodology includes a number of elements that Moody's
has developed to help more accurately predict bank failures and determine
how each creditor class is likely to be treated when a bank fails and
enters resolution. These new elements capture insights gained from
the crisis and the fundamental shift in the banking industry and its regulation.
(1) FRANCE'S "VERY STRONG -" MACRO PROFILE
French banks benefit from operating in a country that has the fifth-largest
economy globally, at approximately EUR2.0 trillion.
The strength of the French economy derives from its large size,
its broad diversification, significant wealth in terms of GDP per
capita, high private-sector savings, and a moderate
build-up of household and corporate liabilities. The French
economy also benefits from a very high degree of institutional strength
and low event risk. As stated in April 2015 in Moody's Credit
Opinion on France, the economy's long-term economic performance
will continue to be constrained, however, by subdued growth
prospects, a loss in competitiveness relative to its trading partners,
a gradual erosion of its export-oriented industrial base,
and rigidities in labour, goods and service markets.
Since 2007, while many French banks continue to conduct substantial
cross-border business, the industry has somewhat retrenched
to the domestic market, which has proven to be more resilient and
to yield more reliable profits compared with some other markets.
However French banks face structural constraints on their capacity to
collect deposits at home and thus still rely extensively on wholesale
funds, despite a significant improvement achieved in recent years.
The system has a higher degree of concentration than other large European
systems (the five largest banking groups accounting for 83% of
the system's total assets), but remains competitive, with
no significant distortion from the public sector or state-sponsored
institutions.
(2) FRENCH BANKS' STRONG CORE FINANCIAL METRICS
The median BCA of the French banks covered in this action is ba1 (ranging
from b2 to a3), which reflects (1) their generally solid core financial
metrics including their moderate risk profiles, largely focused
on traditional commercial and retail banking for the largest players involved
in this action; (2) improved liquidity and funding characteristics
since 2012, despite some structural reliance on wholesale funding;
and (3) substantial loss-absorption capacity through earnings,
loan-loss reserves and, ultimately, capital.
Profitability has thus far not been materially impacted by the current
low interest-rate environment, but French banks are likely
to incur margin pressure if the current operating environment were to
persist. However, Moody's expects that a reduced cost of
risk and decreasing operating expenses will help French banks preserve
their earnings over the coming months.
(3) PROTECTION OFFERED TO SENIOR CREDITORS, AS CAPTURED BY MOODY'S
ADVANCED LGF LIABILITY ANALYSIS
Since French banks are subject to the EU Bank Resolution and Recovery
Directive (BRRD), Moody's considers France to have an Operational
Resolution Regime. Accordingly, Moody's applies its Advanced
LGF analysis to French banks' liability structures. This analysis
results in a low to very low loss-given-failure for long-term
deposits and senior debt in most cases, reflected in a one or two-notch
uplift from the Adjusted BCA for most banks. This approach captures
the protection offered by the banks' sizeable volumes of deposits and
senior debt, and the amount of debt subordinated to both senior
debt and deposits.
(4) REDUCED LIKELIHOOD OF GOVERNMENT SUPPORT
Moody's has also lowered its expectations about the degree of support
that a government might extend to a bank in Europe. The main trigger
for this reassessment is the introduction of the BRRD in the EU,
which went into effect in January 2015 and is about to be transposed into
local law in France. This has resulted in a reduction in government-support
uplift in the banks' senior unsecured debt and deposit rating,
to one notch for all banks considered systemically important. The
impact of this is wholly or in some cases more than offset by the notches
of LGF uplift in recognition of the low loss-given-failure.
ASSIGNMENT OF COUNTERPARTY RISK ASSESSMENTS
As part of today's rating action, Moody's has assigned CR Assessments
to 12 banks and their branches. CR Assessments are opinions of
how counterparty obligations are likely to be treated if a bank fails,
and are distinct from debt and deposit ratings in that they (1) consider
only the risk of default rather than both the likelihood of default and
the expected financial loss incurred in the event of default; and
(2) apply to counterparty obligations and contractual commitments rather
than debt or deposit instruments. The CR Assessment is an opinion
of the counterparty risk related to a bank's covered bonds, contractual
performance obligations (servicing), derivatives (e.g.,
swaps), letters of credit, guarantees and liquidity facilities.
Moody's CR Assessments for banks subject to a going-concern operational
resolution regime, which includes most French banks, start
with the banks' adjusted BCA and use an advanced LGF approach that takes
into account the volume of liabilities subordinated to counterparty obligations
in the bank's liability structure as well as any assumption of government
support.
As a result, the CR Assessment is one notch higher than the deposit
ratings for nine banks. Moody's also assigned CR Assessments
in line with the deposit ratings for another three banks.
--- BANK-SPECIFIC ANALYTICAL FACTORS
- Agence France Locale (AFL)
AFL is a newly created bank, owned by French local authorities and
dedicated to their financing.
AFL's BCA remains unchanged at a3, which reflects Moody's
expectation that (1) the entity's fundamentals will be robust;
(2) its strict governance structure provides a sound operating base;
and (3) AFL will be able to ensure sustainable loan origination activity,
a sound funding structure and adequate solvency, provided the bank
adheres to its own operating policies and internal rules. AFL faces
some of the risks associated with many start-ups, but the
financial commitment and strong political backing from its members mitigate
the risk that its operations might not gain traction.
AFL's issuer rating also remains unchanged at Aa2 with a negative
outlook, reflecting (1) the a3 BCA; (2) the application of
Moody's Advanced LGF analysis, resulting in a two-notch
uplift from the BCA of a3 given the significant volumes of senior debt
relative to total assets; and (3) government support uplift of two
notches resulting from the combined very high parental support underpinned
by the explicit joint and several guarantee from the member local authorities,
and a moderate probability of support from the central government.
The negative outlook reflects the likelihood that AFL's rating would
move downwards with any downgrade of the sovereign rating (currently Aa1
negative).
Moody's assigned a Aa2(cr)/Prime-1(cr) CR Assessment to AFL,
four notches above the BCA, reflecting the substantial volume of
bail-in-able liabilities protecting operating obligations
as well as a high probability of government support.
- Banque PSA Finance (BPF)
The lowering of BPF's BCA to ba2 reflects Moody's application
of a stricter constraint of one notch above the Ba3 rating of BPF's
industrial parent, Peugeot SA, from two notches previously.
Under the previous methodology, the two-notch difference
between the bank's BCA and the rating of Peugeot partly reflected
the lower expected loss inherent in the car financing business.
Expected loss is now incorporated in Moody's LGF analysis,
leading to a repositioning of the BCA closer to Peugeot's rating,
better reflecting their intrinsically tight links and similar failure
probabilities.
The confirmation of BPF's long-term deposit and senior debt
ratings at Baa3, with a stable outlook, reflects the BCA of
ba2 and a two-notch uplift from the Advanced LGF analysis and the
removal of one notch of government support uplift. BPF benefits
from a sizeable volume of senior debt, resulting in very low expected
loss severity in the event of resolution. There is no further uplift
given Moody's revised assumption of a "low" probability
of government support.
Concurrently, Moody's confirmed BPF's short-term
deposit and senior debt ratings at Prime-3. Moody's
also assigned a long and short-term CR Assessment of Baa2(cr)/Prime-2(cr)
to BPF. The government-guaranteed senior unsecured debt
securities are unaffected by today's rating actions and remain rated Aa1,
negative.
- BPCE S.A. (BPCE)
Moody's affirmed BPCE's adjusted BCA at baa2. The strong
solidarity mechanisms prevailing within Groupe BPCE and embedded in French
banking law results in an adjusted BCA incorporating three notches of
affiliate-backed support from Groupe BPCE. The baa2 adjusted
BCA applies to all rated entities within the group and reflects Groupe
BPCE's strong domestic franchise, diversified range of activities
and relatively stable flow of retail and commercial banking earnings.
It also incorporates (1) the effect of the still-weak macroeconomic
environment in France and the rest of Europe; (2) the group's below-average
(albeit improving) liquidity and funding profiles; (3) modest profitability;
(4) weak efficiency levels; and (5) the inherent riskiness of some
of the group's wholesale banking operations.
Moody's also affirmed BPCE's and Natixis's subordinated
debt and non-cumulative preferred stock' ratings at Baa3
and Ba2(hyb), respectively.
Concurrently, Moody's assigned a CR Assessment of A1(cr)/Prime-1(cr)
to BPCE and affiliated entities, Natixis, Crédit Foncier
de France and Banque Palatine.
Other ratings of BPCE and Groupe BPCE's affiliated entities remain
unchanged.
- Caisse Centrale du Credit Immobilier de France (3CIF)
3CIF is the rated funding entity of Crédit Immobilier de France
group (CIF; unrated). The upgrade of its BCA to ba2 from ca
reflects Moody's view that the orderly resolution plan approved
by the European Commission (EC) on 27 November 2013 has materially improved
CIF's creditworthiness by ensuring a stable framework for its run-off.
The support extended in 2012 by the French government staved off a default
of CIF, and the group has since been implementing the orderly resolution
plan. The government guarantee was calibrated to ensure that all
3CIF's obligations vis-à-vis third parties and other
entities within the group would be met until the full completion of the
run-off. It also includes a fee-deferral mechanism
whereby a large portion of the guarantee fees can be deferred in the case
of a worse-than-anticipated group performance that would
imply a breach of a 12% threshold capital ratio. This,
Moody's believes, together with the secured nature of CIF's
lending, will ensure the stability of the group's capital
base throughout the run-off. 3CIF's BCA of ba2 therefore
incorporates the positive effects of the existing state aid on its standalone
creditworthiness.
The confirmation of the Baa2 deposit and senior unsecured ratings is underpinned
by (1) the bank's ba2 BCA; and (2) government support uplift of three
notches, reflecting a very high probability of support. Moody's
believes that a capital injection and/or an extension of the current guarantee
scheme by the French government would be the most likely measures if the
existing framework is not sufficient to preserve the group's solvency
or liquidity. The rating agency also believes that the probability
of a resolution under BRRD for CIF is low: the group is already
in run-off, and an affordable capital injection or increase
in the guarantee scheme would be less detrimental for the state than a
bail-in due to its large exposure to the group through the outstanding
state-guaranteed debt. For this reason, the basic
rather than advanced loss-given-failure approach is applied,
and hence there is no uplift to the ratings.
The CR Assessment of Baa2(cr)/Prime-2(cr) assigned to 3CIF is three
notches above the BCA, reflecting the same very high probability
of government support.
- Caisse de Refinancement de l'Habitat (CRH)
The affirmation of CRH's senior secured bonds at Aaa reflects (1)
the credit quality of its shareholder/borrower banks; (2) the over-collateralisation
mechanism that ensures appropriate collateral against its exposures to
banks via housing loans; and (3) CRH's conservative asset selection.
Moody's has refined its rating approach for CRH's secured
bonds in the context of the new bank methodology. The Aaa rating
of CRH's senior secured bonds is now based on (1) the weighted-average
CR Assessments of the borrowing banks (currently Aa3(cr)); and (2)
Moody's Advanced LGF analysis incorporating the over-collateralisation
of CRH's loans to banks as liabilities subordinated to the senior
secured bonds in the entity's liability structure, and which
provides three notches of uplift. The weighted-average CR
Assessments of banks retained as the anchor point in this approach reflects
the risk that one or more banks default on their loans and that CRH is
unable to draw on its other resources to pay the amount due on the bonds.
The incorporation of the over-collateralisation in the LGF analysis
reflects the fact that if one of its shareholder banks defaults,
CRH has an indisputable and immediate right of property over the housing
loans securing the loan it had extended to this institution, including
the over-collateralisation that would create additional equity
for CRH.
Changes in regulatory requirements regarding Large Risk Exposures have
led CRH to suspend any new issuances since the end of 2013 until a decision
has been made on the rules it will have to observe. In particular,
the 10% weight applied on the collateralised lending extended after
2013 to the financial institutions (versus 0% previously) in the
calculation of large exposures would drastically limit, other things
being equal, the amount CRH can lend to its main banking counterparts
in the future. Absent any solution to this issue, CRH would
likely be placed in run-off. The absence of new loans has
no impact on the creditworthiness of the institution's outstanding
debt, as CRH does not take any margin on these operations.
- Credit Agricole S.A. (CASA)
Moody's affirmed CASA's BCA at ba1 and its adjusted BCA at baa2,
in light of the very strong franchises and overall strength of Groupe
Credit Agricole (GCA; unrated) and the solidarity mechanisms within
the group. In particular, CASA's baa2 adjusted BCA reflects
GCA's solid capital position, its resilient asset quality,
the recovery of its earnings power, supported by its strong and
stable franchises in retail banking, insurance and asset management
and the substantial improvements in its funding and liquidity positions.
At the same time, Moody's assessment also reflects some constraints,
namely GCA's large exposures to confidence-sensitive wholesale
funding and its significant exposures to Italy (Baa2 stable), which
Moody's nevertheless considers manageable.
Moody's affirmed CASA's long-term senior unsecured and deposit
ratings at A2. The senior long-term ratings of CASA have
positive outlooks as a reflection of improving standalone fundamentals.
Both the short-term deposit and debt ratings were affirmed at Prime-1.
The loss-given-failure is very low for CASA's deposits,
given the high volume of these instruments, resulting in two notches
of LGF uplift above the bank's adjusted BCA. The government support
uplift is limited to one notch for both deposits and senior unsecured
debt, reflecting a moderate probability of government support.
Moody's also affirmed CASA's subordinated and junior debt ratings at Baa3
and Ba1 (hyb) respectively, and assigned long and short-term
CR Assessments of A1(cr)/Prime-1(cr) to the bank and the 38 Caisses
Regionales du Credit Agricole Mutuel (CRCAM).
Concurrently, Credit Agricole Corporate and Investment Bank's
(CACIB) BCA and adjusted BCA were affirmed at ba2 and baa2, respectively.
Its long and short-term deposit and senior debt ratings were affirmed
at A2, positive outlook, and Prime-1, respectively.
Moody's also assigned a long and short-term CR Assessment
of A1(cr)/Prime-1(cr) to CACIB.
- Dexia Credit Local (DCL)
Moody's downgraded DCL's long-term deposit and senior
unsecured ratings to Baa3 from Baa2. At the same time, the
short-term debt and deposit ratings have been downgraded to Prime-3
from Prime-2 and the BCA and Adjusted BCA upgraded to b2 from ca.
DCL's BCA of b2 reflects Moody's view that the entity, which
is managed in a run-off mode and has avoided default through the
provision of extraordinary support from the governments of Belgium (Aa3
stable), France (Aa1 negative) and Luxembourg (Aaa stable) is slowly
and progressively improving its risk profile through de-risking.
It also reflects the fact that there is material risk that the entity
might need additional support during its prolonged run-off period.
If this risk materialises, the probability of additional support
from the governments of Belgium and France remains very high. Indeed,
the current unsecured exposures of these governments to DCL via their
equity investments and guarantees on funding are such that neither can
afford the entity to default, both from (1) a liquidity perspective,
as a default would trigger a call by investors on the outstanding guaranteed
debt; and (2) a loss perspective, given DCL's high asset encumbrance.
Moody's believes that such support would be provided through amendments
to the decision of the Commission of 28 December 2012 endorsing the orderly
resolution of DCL. As a consequence, Moody's has not
applied the Advanced LGF analysis to DCL and retains an assumption of
a very high probability of government support, which translates
into a five-notch uplift from the bank's Adjusted BCA.
Moody's also assigned a long and short-term CR Assessment
of Baa3(cr)/Prime-3(cr) to DCL.
Concurrently, Moody's affirmed DCL's subsidiary Dexia
Crediop's BCA at caa1 and confirmed its Adjusted BCA at b2. Moody's
also upgraded the bank's long-term deposit and senior unsecured
ratings to Ba3 from B2. Dexia Crediop's Adjusted BCA is now
aligned with DCL's BCA, reflecting the fact that this entity
is now fully included in the orderly resolution of the group. However,
in case of major losses at Dexia Crediop only, Moody's considers
that the likelihood of additional support from the French and Belgian
governments to this Italian entity is very low and the entity would more
likely be ring-fenced from the rest of the group, and subject
to a separate resolution without government support. If so,
the loss-given-failure of Dexia Crediop would be very low
given the significant amount of outstanding senior unsecured debt,
resulting in a two-notch uplift above the bank's adjusted BCA.
Moody's also assigned a long-term and short-term CR
Assessment of Ba3(cr)/Non-Prime(cr) to Dexia Crediop.
- RCI Banque (RCI)
Moody's upgraded RCI's long and short-term deposit
and senior unsecured debt ratings to Baa1/Prime-2 from Baa3/Prime-3.
The Baa1 long-term deposit and senior unsecured debt ratings reflect
(1) the bank's unchanged baa3 BCA and adjusted BCA; and (2) the two-notch
uplift under the Advanced LGF analysis, stemming from the large
volume of senior long-term debt. The outlooks on the long-term
deposit and senior unsecured debt ratings are stable.
Concurrently, Moody's assigned a long-term and short-term
CR Assessment of A3(cr)/Prime-2(cr) to RCI.
- Societe de Financement Local (SFIL)
The upgrade of the BCA to a3 reflects Moody's view that SFIL has
a proven track-record of business effectiveness as a major provider
of financing to the French local public sector since the structure was
spun-off from DCL in January 2013. SFIL has successfully
originated new business through La Banque Postale's distribution
network, while maintaining good asset quality and a sound funding
structure. Moody's also believes that the new mandate SFIL
is now entrusted with by the French Government to provide long-term
export financing backed by a central government guarantee will enlarge
the scope of its current monoline business, thereby improving its
currently low profitability.
The BCA of a3 now reflects (1) Moody's expectation that SFIL will
continue to hold a significant position in the French public-sector
financing; and (2) its solid asset quality, and an adequate
funding and liquidity structure, which provide for a low-risk
profile. These positive factors are partly offset by SFIL's (1)
tail risk related to the `sensitive loans' inherited from DCL; (2)
the entity's very high leverage; and (3) low profitability,
although Moody's recognises that this is consistent with SFIL's
assigned public-service mission.
The confirmation of SFIL's deposit rating of Aa2 is underpinned
by (1) the a3 BCA; (2) the application of Moody's Advanced
Loss Given Failure (LGF) analysis, which given the volume of the
bank's senior debt results in one notch of uplift from the adjusted
BCA of a3; and (3) government-support uplift of three notches,
reflecting a very high support probability from the French government.
The negative outlook reflects that SFIL's rating would likely move
down together any downgrade in the sovereign rating (currently Aa1 negative).
Moody's assigns a Aa1(cr)/Prime-1(cr) CR Assessment to SFIL,
five notches above the BCA, reflecting the volume of bail-in-able
liabilities protecting operating obligations as well as a very high probability
of government support.
WHAT COULD CHANGE THE RATINGS UP/DOWN
An upgrade of the long-term debt and deposit ratings of the French
banks involved in this rating action could result from (1) further improvements
in the quality of assets, in particular in foreign markets;
(2) a sustainable and significant improvement in profitability; (3)
further improvements in their solvency, particularly in terms of
the nominal leverage ratio; and/or (4) reduced reliance on confidence-sensitive
wholesale funding and improving liquidity.
The ratings could be downgraded if (1) the macroeconomic environment weakens
and asset quality and/or credit underwriting standards deteriorate;
(2) banks are unable to sufficiently re-price their loan portfolios
against the background of a low interest-rate environment,
such that revenue and profitability pressures intensify; and/or (3)
the banks' capital and/or liquidity positions were to deteriorate.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks published in
March 2015. Please see the Credit Policy 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 rating action on the support provider and in relation to each particular
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 rating action, and
whose ratings may change as a result of this 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 following information supplements Disclosure 10 ("Information Relating
to Conflicts of Interest as required by Paragraph (a)(1)(ii)(J) of SEC
Rule 17g-7") in the regulatory disclosures made at the ratings
tab on the issuer/entity page on www.moodys.com for each
credit rating:
For identification of which credit ratings have payors that have or have
not paid Moody's for services other than determining a credit rating in
the most recently ended fiscal year, please see the detailed list
under the following link: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_182537.
The list is an integral part of this press release.
Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_182537
for the List of Affected Credit Ratings. This list is an integral
part of this Press Release and provides, for each of the credit
ratings covered, Moody's disclosures on the following items:
• Unsolicited ratings
• Non participating issuers
• [EU only] participation in unsolicited ratings
• Person approving the credit rating
• Releasing office
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
analyst and the Moody's legal entity that has issued the ratings.
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.
Laurent Le Mouel
Vice President - Senior Analyst
Financial Institutions Group
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Nicholas Hill
Managing Director
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 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
SUBSCRIBERS: 44 20 7772 5454
Moody's concludes review on 5 French banks' ratings; affirms 7 other banks' ratings
