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Rating Action:

Moody's takes rating actions on some subsidiaries of Société Générale

16 Dec 2011

The rating actions follow the recent lowering of the parent's ratings

London, 16 December 2011 -- Moody's Investors Service today has taken the following rating actions on Czech, Greek, Romanian and Russian subsidiaries of Société Générale (SocGen):

- General Bank of Greece's (Geniki) B3 deposit ratings, placed under review for downgrade

- BRD -- Société Générale's Baa2/Prime-2 long-term and short-term local currency deposit ratings, placed under review for downgrade

- Rosbank's Baa2/Prime-2 long-term and short-term local and foreign currency deposit and Baa2 local currency senior unsecured debt ratings, placed under review for downgrade

- Rusfinance Bank's (Rusfinance) Baa3/Prime-3 long-term and short-term local and foreign currency deposit and Baa3 local currency senior unsecured debt ratings, placed under review for downgrade

- Bank DeltaCredit's (DeltaCredit) Baa2 long-term local and foreign currency deposit and Prime-2 short-term foreign currency deposit ratings, placed under review for downgrade

- DeltaCredit's local currency senior secured debt rating downgraded to Baa1 from A2 and assigned a negative outlook. This debt rating benefits from an explicit guarantee issued by SocGen

- Komercni Banka's long-term deposit ratings, downgraded to A2, with negative outlook, from A1; the short-term Prime-1 ratings, unaffected. That action concludes the review of the bank's ratings initiated on 15 June 2011.

These actions follow the recent downgrade of French parent bank SocGen's ratings. For more information on Moody's recent rating actions on SocGen, please see the press release "Moody's downgrades Société Générale's long-term ratings to A1", dated 9 December 2011, on moodys.com.

The bank ratings affected by today's announcement are listed at the end of this press release.

RATINGS RATIONALE

Ratings Under Review for Downgrade

The primary reason for the reviews for downgrade on the ratings of Geniki, BRD, Rosbank, Rusfinance and DeltaCredit is the downgrade of SocGen's BFSR and long-term ratings. In its review, Moody's will consider the potential impact on each subsidiary of the lower ratings of the parent, as well as the rating agency's view of the strategic fit of the subsidiaries' operations within the group and the extent and nature of any financial linkages between them.

The operating environment for euro area banking groups has deteriorated significantly in recent months, driven by the sovereign debt crisis and restricted access to unsecured wholesale funding. We note that SocGen's announced deleveraging plans concern its corporate and investment bank rather than its international retail and commercial banking operations. Nonetheless, many Western European banks, including SocGen, are increasingly facing difficult choices with regard to deploying their scarce capital and funding resources. This may result in a decline in the willingness and/or capacity of the parent companies to provide financial and managerial support to their foreign subsidiaries, in Moody's view.

Although the ratings of the various subsidiaries are all on review for similar reasons, Moody's will assess each individual bank's positioning in the group and other relevant factors, as described above.

Downgrade of DeltaCredit's Local Currency Senior Secured Debt

The downgrade to Baa1, with a negative outlook, from A2, of DeltaCredit's senior secured debt reflects the explicit and irrevocable guarantee issued by SocGen and the lowering of the guarantor's ratings.

Downgrade of Komercni Banka's Deposit Ratings

The immediate downgrade to A2 from A1, of Komercni Banka's long-term deposit ratings concludes the review of the bank's ratings initiated on 15 June 2011 in conjunction with the review of the parent. The downgrade reflects the weakened flexibility of the French parent to support its Czech subsidiary, as well as the sensitivity of the subsidiary's supported ratings to changes in the standalone ratings of SocGen. Komercni Banka's long-term deposit ratings continue to benefit from one notch of systemic support, reflecting our assumptions about support from the Czech sovereign (A1, stable).

Moody's changed the outlook on the bank's stand alone financial strength rating of C (mapping into A3) to negative, reflecting the expectation of deterioration in the operating environment, which, in our opinion, could over time negatively impact the bank's profitability and asset quality.

The ratings of the affected subsidiaries follow:

General Bank of Greece SA:

- Deposit rating of B3, on review for downgrade

- Standalone BFSR of E (mapping to Caa3), stable outlook

BRD:

- Local currency deposit ratings of Baa2/Prime-2, on review for downgrade

- Foreign currency deposit ratings of Baa3/Prime-3, stable outlook

- Standalone BFSR of D (mapping to Ba2), stable outlook

Rosbank:

- Local and foreign currency deposit ratings of Baa2/Prime-2, on review for downgrade

- Local currency senior unsecured debt rating of Baa2, on review for downgrade

- Standalone BFSR of D (mapping to Ba2), stable outlook

Rusfinance:

- Local and foreign currency deposit ratings of Baa3/Prime-3, on review for downgrade

- Local currency senior unsecured debt rating of Baa3, on review for downgrade

- Standalone BFSR of E+ (mapping to B1), stable outlook

DeltaCredit:

- Long-term local and foreign currency deposit ratings of Baa2 and short-term foreign currency deposit rating of Prime-2, on review for downgrade

- Local currency senior secured debt rating of Baa1 with negative outlook

- Standalone BFSR of D (mapping to Ba2), stable outlook

Komercni Banka

- Long-term deposit rating of A2, negative outlook

- Short-term deposit rating of Prime-1

- Standalone BFSR of C (mapping to A3), negative outlook

PRINCIPAL METHODOLOGIES

The methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007 and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Headquartered in Athens, General Bank of Greece SA reported total assets of EUR3.5 billion as of September 2011.

Headquartered in Bucharest, Romania, BRD reported total assets of RON49.6 billion and total shareholders' equity of RON5.7 billion as at 31 December 2010; net IFRS profit for 2010 stood at RON1 billion.

Headquartered in Moscow, Russia, Rosbank reported total assets of USD14.9 billion and total equity of USD2.8 billion as at 31 December 2010; net IFRS income for 2010 stood at USD20.5 million.

Headquartered in Samara, Russia, Rusfinance reported total assets of RUB82.8 billion and total shareholders' equity of RUB19.8 million as at 31 December 2010; net IFRS profit for 2010 stood at RUB4 billion.

Headquartered in Moscow, Russia, DeltaCredit Bank reported total assets of USD1.84 billion and total shareholders' equity of USD296 million as at 31 December 2010; net IFRS profits for 2010 stood at USD58 million.

Headquartered in Prague, Komercni Banka reported CZK 748.6 billion in total assets at the end of September 2011.

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.

The rating have been disclosed to the rated entities or its designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the rating for BRD - Societe Generale (BRD) are the following : public information, and confidential and proprietary Moody's Investors Service information.

Information sources used to prepare the rating for Rosbank, DeltaCredit Bank, Rusfinance, and General Bank of Greece SA are the following : parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Information sources used to prepare the rating for Komercni Banka are the following : parties involved in the ratings, and public information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

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

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its 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.

In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.

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.

Olga Ulyanova
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Limited, Moscow Branch
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia

Yves Lemay
MD - Banking
Financial Institutions Group
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Moody's takes rating actions on some subsidiaries of Société Générale
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