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Rating Action:

Moody's takes action on European sub-sovereigns following action on sovereign ratings

15 Feb 2012

London, 15 February 2012 -- Moody's Investors Service has today taken action on 83 European sub-sovereigns, comprising regional and local governments (RLGs) and government-related issuers (GRIs).

Today's actions on European sub-sovereigns were triggered by (i) Moody's recent actions on the respective European sovereign ratings; and (ii) the strong correlation between sub-sovereign and sovereign credit risk, reflected in macroeconomic and fiscal linkages, institutional factors and financial market conditions.

Please click on this http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_139806 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

For full detail of analytical considerations leading to this action, please refer to our dedicated Special Comment 'Key Drivers of Moody's Rating Actions on European Sub-sovereign Ratings' http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_139829.

For full details on sovereign actions, please refer to the webpage containing all of Moody's related announcements http://www.moodys.com/EUSovereign.

RATINGS RATIONALE

The rating actions on sub-sovereigns vary by country and range from the assignment of negative outlooks, to downgrades of up to two notches. Moody's has primarily assigned negative outlooks to sub-sovereign credits in the UK, France and Austria, while downgrades have primarily been implemented in Spain, Italy, Portugal and Slovakia.

The magnitude of Moody's actions on European sub-sovereign ratings broadly reflects the scale of the sovereign actions and the relative position of the credits on the rating scale. In some countries, the lowest ratings remain unaffected, as they display greater tolerance within their rating categories.

The strong correlation between sub-sovereign and sovereign credit risk is based on the following factors:

1.) Macroeconomic and fiscal linkages: A bleak economic outlook in Europe negatively affects sovereign fiscal positions, which in turn influences -- to varying degrees -- RLG and GRI budgets through slower revenue growth and/or cuts in transfers driven by national austerity measures.

2.) Institutional factors: European national governments retain a high degree of control over the sub-sovereign sector via legislation. In most countries, sub-sovereigns are required to contribute to national fiscal consolidation efforts by implementing their own austerity measures.

3.) Financial market conditions: Sub-sovereigns are not insulated from market conditions that affect a sovereign's access to debt capital markets, nor from subsequent negative developments in the relevant banking systems.

Taken together, these factors reinforce linkages between sovereigns and their respective sub-sovereigns.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's believes that upward ratings pressure on the European sub-sovereigns affected by today's action is unlikely to develop in view of the challenging operating environment and weakened sovereign credit conditions.

Downward ratings pressure on the affected European sub-sovereigns would be prompted by further deterioration of the respective sovereigns' creditworthiness. Additionally, any sector or issuer-specific risks emerging in this context would exacerbate downward ratings pressures.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_139806 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:

* Rationale for review

* Methodologies

* Unsolicited ratings

* EU Participation in unsolicited ratings

* National Scale Ratings

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant 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 relevant 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.

Some ratings were initiated by Moody's and were not requested by the rated entities.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_139806 for the List of Affected Credit Ratings for the specific designation of unsolicited ratings.

Some rated entities or their agents participated in the rating process. The rated entities or their agents provided Moody's access to the books, records and other relevant internal documents of these rated entities. Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_139806 for the List of Affected Credit Ratings for the specific designation of participating issuers in unsolicited ratings.

The ratings have been disclosed to the rated entities or their designated agents and issued with no amendment resulting from that disclosure.

Information sources used to prepare the ratings are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings 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.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entities or their related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

The below contact information is provided for information purposes only. Please see the issuer page on www.moodys.com for Moody's regulatory disclosure of the name of the lead analyst and the office that has issued the credit rating.

The relevant Releasing Office for each 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. A link from the Releasing Office name is provided to lead to the full address of the respective MIS Releasing Office.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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.

Thomas Amenta
Senior Vice President
Sub-Sovereign Group
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

David Rubinoff
MD - Sub-Sovereigns
Sub-Sovereign 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 takes action on European sub-sovereigns following action on sovereign ratings
No Related Data.
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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.”

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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.

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