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Rating Action:

Moody's reviews bank ratings following refinement of methodology

03 Apr 2007

New York, April 03, 2007 -- Moody's Investors Service has placed under review for possible downgrade the debt and deposit ratings of 46 banks pursuant to its refined rating methodology incorporating joint default analysis (JDA). Moody's said that the reviews will conclude on April 10, 2007.

The refined methodology, released on March 30th, reduces the level of external support incorporated into bank deposit and debt ratings in order to give greater weight to banks' intrinsic financial strength. A number of bank ratings that were upgraded prior to the refinement have been identified as being potentially inconsistent with the refined methodology. Moody's said that the review will focus on the level of external support factored into the banks' debt and deposit ratings. Bank financial strength ratings are not under review. The rating agency expects that the majority of rating adjustments due to the refined methodology will be one notch, although several two-to-three notch downgrades are expected.

Moody's also announced last week a revision to its notching convention for bank capital instruments. Moody's said that the ratings on some of the capital instruments issued by banks already assessed under the JDA methodology may be inconsistent with the revised convention. Some capital securities may be upgraded due to the refined notching convention; the reviews of these securities are detailed in a separate press release ("Moody's reviews capital securities of 12 banks for upgrade; BoNY hold co. reviewed for upgrade").

The following banks' long-term debt and deposit ratings were placed under review for possible downgrade. In addition, in light of the refined notching convention, Moody's said that it will review the ratings of these banks' capital securities as well. Given the potential changes in the senior debt rating, most of the rating adjustments for capital securities would be in line with a change in the senior rating. However, in a few cases, the ratings on some capital securities may be upgraded due to the revised notching conventions.

AB Volvofinans

ABN AMRO Bank

Aktia Savings Bank

Bank Handlowy w Warszawie

Budapest Bank

Canadian Imperial Bank of Commerce*

Ceskoslovenska Obchodni Banka

Danske Bank

Dexia Bank Belgium

Dexia Banque Internationale a Luxembourg

Dexia Credit Local

DNB NOR Bank

FIH Erhvervsbank

Fokus Bank

Fortis Bank Nederland (Holding)

Fortis Bank

Fortis Banque Luxembourg

Glitnir banki

ING Bank

ING Bank Slaski

ING Belgium

Jyske Bank

Kaupthing Bank

KBC Bank

Kereskedelmi & Hitel Bank

Landsbanki Islands

National Bank of Canada*

Nordea Bank

Nordea Bank Danmark

Nordea Bank Finland

Nordea Bank Norge

OKO Bank

OTP Bank

OTP Banka Slovensko

OTP Jelzalogbank (OTP Mtge Bank)

Parex Bank

Powszechna Kasa Oszczednosci Bank Polski

Sampo Bank

SEB AB

Sparebanken Midt-Norge

Sparebanken Nord-Norge

Sparebanken Oest

Sparebanken Rogaland

Sparebanken Vest

Storebrand Bank

Sydbank

*senior debt and deposits on review for downgrade; junior securities on review for upgrade

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

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

Moody's reviews bank ratings following refinement of methodology
No Related Data.
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