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Rating Action:

Moody's upgrades seventeen government related financial institutions in eleven countries

30 Oct 2006

New York, October 30, 2006 -- Moody's Investors Service announced today that it has upgraded the ratings of seventeen government-related financial institutions following a review prompted by the implementation in August of a revised rating methodology for the sector.

The revised methodology relies on a country's local currency deposit ceiling as a measure of its ability to rescue non-bank financial institutions under its joint-default analysis (JDA) framework. Previously, the government's bond rating fulfilled this role, as it continues to do so for non-financial government-related entities.

As a result of the change in rating methodology, 26 government-related non-bank financial institutions were put on review for upgrade in August. Today's action concludes that review for all but one issuer. A related press release was issued earlier today covering Japanese government-related institutions. For further details, see "Revised Methodology for Non-Bank Financial Institutions" (August 2006), available on moodys.com.

The affected issuers, their respective rating changes and JDA inputs include:

Banco Nacional de Desenvolvimento Economico e Social (Brazil)

LT Senior Unsecured (foreign currency) -- Baa3/stable from Ba1/under review for upgrade

LT Bank Deposits (foreign currency) -- Ba3/stable (unchanged)

LT Issuer Rating (domestic currency) -- A1/stable from A3/under review for upgrade

ST Bank Deposits (foreign currency) -- NP (unchanged)

ST Issuer Rating (domestic currency) -- P-1 from P-2

Baseline Credit Assessment: 12

Support: High

Brazil's LCDC: A1

Croatian Bank for Reconstruction and Development (Croatia)

LT Issuer Rating (foreign currency) -- A1/stable from Baa1/under review for upgrade

Backed Senior Unsecured (foreign currency) -- A1/stable from Baa1/under review for upgrade

Backed Senior Unsecured MTN (foreign currency) -- A1/stable from Baa1/under review for upgrade

Baseline Credit Assessment: 11

Support: High

Croatia's LCDC: Aa1

Czech Export Bank, a.s. (Czech Republic)

LT Issuer Rating (foreign currency) -- Aa1/positive from A1/under review for upgrade

ST Issuer Rating (foreign currency) -- P-1 (unchanged)

Backed Senior Unsecured (foreign currency) -- Aa1/positive from A1/under review for upgrade

Baseline Credit Assessment: 5-7

Support: High

Czech Republic's LCDC: Aaa

Hong Kong Mortgage Corporation Ltd. (Hong Kong)

Senior Unsecured (domestic currency) -- Aaa/stable from Aa3/under review for upgrade

Senior Unsecured MTN (domestic currency) -- Aaa/stable from Aa3/under review for upgrade

LT Issuer Rating (domestic currency) -- Aaa/stable from Aa3/under review for upgrade

LT Issuer Rating (foreign currency) -- Aa1/positive from Aa3/under review for upgrade

ST Issuer Rating (domestic currency) -- P-1 (unchanged)

ST Issuer Rating (foreign currency) -- P-1 (unchanged)

Baseline Credit Assessment: 6

Support: High

Hong Kong's LCDC: Aaa

Hungarian Development Bank Ltd (Hungary)

Senior Unsecured (domestic currency) -- Aaa/stable from A1/under review for upgrade

Senior Unsecured (foreign currency) -- Aa1/stable from A1/under review for upgrade

LT Bank Deposits (foreign currency) -- A1/under review for downgrade (unchanged)

ST Bank Deposits (foreign currency) -- P-1 (unchanged)

Backed Senior Unsecured (foreign currency) -- Aa1/stable from A1/under review for upgrade

Baseline Credit Assessment: 11

Support: High

Hungary's LCDC: Aaa

Cassa Depositi e Prestiti S.p.A. (Italy)

Senior Unsecured (domestic currency) -- Aa2/stable changed from Aa2/under review for upgrade

Senior Unsecured MTN (domestic currency) -- Aa2/stable changed from Aa2/under review for upgrade

Issuer Rating (foreign currency) -- Aa2/stable changed from Aa2/under review for upgrade

BCA: 4

Support: Medium

Italy's LCDC: Aaa

Sace S.p.A. (Italy)

Insurance Financial Strength (foreign currency) -- Aa2/stable changed from Aa2/under review for upgrade

Baseline Credit Assessment: 2-4

Support: Low

Italy's LCDC: Aaa

Development Bank of Kazakhstan (Kazakhstan)

Senior Unsecured (foreign currency) -- A2/stable from Baa1/under review for upgrade

Senior Unsecured MTN (foreign currency) -- A2/stable from Baa1/under review for upgrade

LT Issuer Rating (foreign currency) -- A2/stable from Baa1/under review for upgrade

Baseline Credit Assessment: 11-13

Support: High

Kazakhstan's LCDC: A2

Export-Import Bank of Korea (Korea)

Senior Unsecured (foreign currency) -- Aa3/stable from A3/under review for upgrade

Senior Unsecured MTN (foreign currency) -- Aa3/stable from A3/under review for upgrade

Senior Unsecured Shelf (foreign currency) -- (P)Aa3/stable from (P)A3/under review for upgrade

Commercial Paper (foreign currency) -- P-1 (unchanged)

Other Short Term (foreign currency) -- P-1 (unchanged)

Baseline Credit Assessment: 7

Support: High

Korea's LCDC: Aa1

Mortgage and Land Bank of Latvia (Latvia)

LT Bank Deposits (foreign currency) -- A2/positive outlook, changed from A2/under review for upgrade

ST Bank Deposits (foreign currency) -- P-1 (unchanged)

Baseline Credit Assessment: 11-13

Support: High

Latvia's LCDC: Aaa

Banco Nacional de Comercio Exterior, S.N.C. (Mexico)

Senior Unsecured (foreign currency) -- A1/stable from Baa1/under review for upgrade

Senior Unsecured MTN (foreign currency) -- A1/stable from Baa1/under review for upgrade

Commercial Paper (foreign currency) -- P-1 from P-2

Baseline Credit Assessment: 14-16

Support: High

Mexico's LCDC: Aaa

Banco Nacional de Obras y Servicios Publicos (Mexico)

LT Issuer Rating (domestic currency) -- Aaa/stable from Baa1/under review for upgrade

LT Issuer Rating (foreign currency) -- A1/stable from Baa1/under review for upgrade

ST Issuer Rating (domestic currency) -- P-1 from P-2

ST Issuer Rating (foreign currency) -- P-1 from P-2

Baseline Credit Assessment: 13

Support: High

Mexico's LCDC: Aaa

Instituto para la Proteccion al Ahorro Bancario (Mexico)

LT Issuer Rating (domestic currency) -- Aaa/stable from Baa1/under review for upgrade

ST Issuer Rating (domestic currency) -- P-1 from P-2

Baseline Credit Assessment: 8

Support: High

Mexico's LCDC: Aaa

Nacional Financiera, S.N.C. (Mexico)

Commercial Paper (foreign currency) -- P-1 from P-2/under review for upgrade

Baseline Credit Assessment: 11-13

Support: High

Mexico's LCDC: Aaa

Nacional Financiera, S.N.C., Grand Cayman Branch

Senior Unsecured (foreign currency) -- A1/stable from Baa1/under review for upgrade

Senior Unsecured MTN (foreign currency) -- A1/stable from Baa1/under review for upgrade

Other Short Term (foreign currency) -- P-1 from P-2/under review for upgrade

For the Baseline Credit Assessment, Support and LCDC for Mexico, please see Nacional Financiera, S.N.C above.

Sociedad Hipotecaria Federal, S.N.C. (Mexico)

LT Issuer Rating (foreign currency) -- A1/stable from Baa1/under review for upgrade

Issuer Rating (domestic currency) -- Aaa/stable from Baa1/under review for upgrade

Commercial Paper (domestic currency) -- P-1 from P-2/under review for upgrade

Backed Senior Unsecured (domestic currency) -- Aaa/stable from Baa1/under review for upgrade

Baseline Credit Assessment: 11-13

Support: High

Mexico's LCDC: Aaa

Eximbanka SR (Slovakia)

LT Bank Deposits (foreign currency) -- A1/stable from A2/under review for upgrade

ST Bank Deposits (foreign currency) -- P-1 (unchanged)

Baseline Credit Assessment: 8-10

Support: High

Slovakia's LCDC: Aaa

Slovak Guarantee & Development Bank (Slovakia)

LT Bank Deposits (foreign currency) -- A1/stable from A2/under review for upgrade

ST Bank Deposits (foreign currency) -- P-1 (unchanged)

Baseline Credit Assessment: 8-10

Support: High

Slovakia's LCDC: Aaa

Development Bank of Southern Africa (South Africa)

Issuer Rating (foreign currency) -- A2/stable from Baa1/under review for upgrade

Baseline Credit Assessment: 11-13

Support: High

South Africa's LCDC: Aaa

Industrial Development Corp. of South Africa (South Africa)

Issuer Rating (foreign currency) -- A2/stable from Baa1/under review for upgrade

Baseline Credit Assessment: 11

Support: High

South Africa's LCDC: Aaa

Export-Import Bank of Thailand

Issuer Rating (foreign currency) -- A3/stable from Baa1/under review for upgrade

Baseline Credit Assessment: 8

Support: High

Thailand's LCDC: Aa2

The ratings for FHB Mortgage Bank Co. Plc. remain on review.

New York
David Fanger
Chief Credit Officer
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

London
Janne Thomsen
Senior Vice President
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's upgrades seventeen government related financial institutions in eleven countries
No Related Data.
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