summary of moody's jda for banks - Bad Request

Global Credit Research 

Financial Institutions 

May 29, 2007 

Contents 

What Has Happened Since 

February 23? _______________ 2 

The Final BFSR/JDA 

Methodology ______________ 3 

Our Evaluation Of The New 

Methodology ______________ 7 

FAQ _______________________ 8 

Complete New Ratings Lists _ 9 

Reactions By S&P And Fitch _ 13 

Author 

Alexander Plenk, CFA 

+49 89 378-12429 

alexander.plenk@hvb.de 

Bloomberg 

HVCA 

Internet 

www.hvbmarkets.de 

Sector Report 

SUMMARY OF MOODY'S JDA FOR BANKS 

THROUGH THE BARRICADES 

� When Moody's first presented its JDA for banks methodology at the end of 

February, there was a lot of criticism, which led the agency to revise its new 

approach in mid-March. Following the so-called refinements, which basically 

include less weight on implicit support than initially applied, Moody's rolled 

out the new ratings against continued market criticism. Was Moody's right 

in struggling through the barricades, or has it lost much of its credibility? 

� In this Sector Report, we summarize all major JDA related aspects, in order to 

assemble the many pieces of an interesting puzzle into a complete picture. 

� We would like to stress the most important aspect at the very beginning: from a 

fundamental point of view, nothing has changed. What actually has changed is 

Moody's methodology of rating bank credit risk. Moody's main point is that 

rating agencies (including Moody's itself) have underestimated the impact of 

implicit support for decades. 

� In its new mechanism, Moody's first grants the BFSR (ranging from A-E), 

translates this into the default rating scale, utilizes it as the baseline rating, and 

then derives the default rating by adding external support factors. 

� We regard the following JDA features as positive: 

– Well-written, in-depth papers on both the BFSR and JDA methodology, 

covering the assessment of inherent financial strength and external support. 

– Detailed scorecard for the deviation of the BFSR rating and the support level 

leads to consistent and structured methodology. 

– Handy excel-based tools which allow for rating drivers sensitivity analyses. 

– Structured, easy to read Credit Opinions. 

� The shortfalls of the new framework include less predictability than in the initial 

methodology, subjective scorecard points and weights, some sub-optimal 

assumptions regarding support quantification, and a tricky final calibration. 

� Overall, the positive features outweigh the shortfalls, in our view. 

� Going forward, there will be no significant impact on secondary market spreads 

nor on primary market activity. 

� Inside (pages 9-12), we provide the amended ratings of the banks in our core 

coverage universe. For better comparison, we prefer to show the ratings as of 

the JDA implementation date, not considering changes since then. 

� Both S&P and Fitch, as we expected, said that the importance of support they 

factor in their ratings is not subject to change. Moreover, Fitch released a 

detailed list of support rating floors (please refer to page 13); at the same time, 

Fitch made clear that there was no change in criteria. 

© Bayerische Hypo- und Vereinsbank AG, CA IB International Markets AG, Bayerische Hypo- und Vereinsbank AG Milan Branch See last pages for disclaimer.



May 29, 2007 

Sector Report - Summary of Moody's JDA For Banks 

WHAT HAS HAPPENED SINCE FEBRUARY 23? 

Start on February 23 On February 23, Moody's published two documents, (i) revising its BFSR 

methodology, and (ii) introducing its Joint-Default Analysis for deposittaking 

banks. While at a first glance, these methodology papers looked like a 

more detailed description of what has been done ever since, the resulting 

rating changes published the same day were pretty hefty. In a nutshell, all 

banks which are too big to fail were rated Aaa or Aa1 at that time. Too big to fail 

does not relate to the absolute size of the bank, but to its relative size when 

compared to the home economy. This applied also to the three Icelandic banks 

(Glitnir, Kaupthing, Landsbanki), which had been rumored to have liquidity 

problems only some months ago. Moody's planned to roll out JDA for all banks 

globally within eight weeks time, and to conclude this process in mid-April. The 

market strongly opposed the new methodology. 

Revision announcement on 

March 9 

Revisions postponement on 

March 16 

Refinements and new time 

schedule published on March 

30 

New implementation started 

on April 3 … 

On March 9, Moody's stated that it is contemplating changes to JDA for 

banks. The revision would particularly include banks whose default rating 

significantly deviates from the Bank Financial Strength Rating (BFSR) as well as 

the notching mechanism for subordinated paper. JDA ratings granted so far 

might be changed as a result. Moreover, a new schedule for the roll-out would 

be released on March 16. 

On March 16, Moody's postponed the revision, and set the new release date 

for March 30. Following the heavy negative market reaction, we think that 

Moody's wanted to avoid any inaccuracy when presenting its revision and hence 

postponed the release by two weeks. In a brief announcement, Moody's stated 

only the following: (i) The impact of support on long-term ratings will be limited; 

(ii) The notching for subordinated paper will be reviewed; (iii) JDA revised 

ratings published so far will be reassessed; (iv) There will be a new schedule for 

the country by country roll-out. The new time frame looked like this: (i) and (ii) 

on or before March 30; (iii) targeted for April 10; (iv) on or before March 30, 

with completion of the roll-out on May 18. 

On March 30, Moody's published the "refinements" including a new roll-out 

schedule. The adjustments included a lower implicit systemic support 

assumption, stronger notching for weak banks, and generally more scope for 

rating committee judgment. As a result of these amendments, Moody's expected 

the average JDA implied rating upgrade not to exceed one notch compared to 

the previous methodology, more closely reflecting Bank Financial Strength 

Ratings, which is far below the Aaa inflation seen under the initial JDA 

implementation. 

On April 3, Moody's placed under review for downgrade 46 of the 210 banks 

for which original JDA had been applied. Moody's also reviewed for upgrade 

capital securities of twelve banks. On April 10, Moody's announced the 

respective rating changes. Moody's downgraded 44 banks (29 by one notch, 12 

by two notches, and 3 by three notches compared to the initial JDA application) 

and confirmed two of them. Moreover, following the respective review 

announced one week before, Moody's upgraded the junior securities of 13 

banks. 

… and was finalized on May 11 On May 11, Moody's concluded the JDA for bank implementation. All 

respective Credit Opinions (including the details for each rating action) are set to 

be published by the end of May, according to the agency. 

Bayerische Hypo- und Vereinsbank AG, CA IB International Markets AG, Bayerische Hypo- und Vereinsbank AG Milan Branch See last pages for disclaimer. 

2



May 29, 2007 

The risk of a bank going into 

default has always been a 

combination of its inherent 

strength and the likelihood of 

receiving support 

Moody's increased the impact 

of implicit support on its 

default ratings 

Moody's new approach is much 

more structured than before 


THE FINAL BFSR/JDA METHODOLOGY 

We would like to stress the most important aspect at the very beginning: 

from a fundamental point of view, nothing has changed. What actually has 

changed is Moody's methodology of rating bank credit risk. The risk of a 

bank going into default has always been a combination of its inherent strength 

and the likelihood of receiving support if it were to fail to meet its obligations on 

a stand-alone basis. Support could be provided by large shareholders, other 

banks (due to mutual support systems or acquisitions), and the sovereign or subsovereign, 

with the main reasons being not to lose a sound franchise and/or to 

avoid a shock to the overall economic stability of the bank's home country. 

Moody's, S&P, and Fitch reflect this in their methodologies, with Moody's 

providing a Bank Financial Strength Rating (BFSR), and Fitch an Individual 

Rating, a Support Rating and a Support Rating Floor in addition to the long-tem 

rating. 

Moody's main point is that rating agencies (including Moody's itself) have 

underestimated the impact of implicit support for decades. Hence, bank 

ratings have consistently been too low, which had to be adjusted, in Moody's 

view. As S&P and Fitch view their methodologies and support impact 

assumptions as appropriate, JDA has led to many split ratings, with some of 

them being substantial. 

While fundamentals, except for the higher weight of support, have not changed, 

Moody's new approach is also much more structured than before, as a scorecard 

for both BFSR and JDA has been introduced. In its new mechanism, Moody's 

first grants the BFSR (ranging from A-E), translates this into the default 

rating scale (see table below), utilizes it as the baseline rating, and then 

derives the default rating by adding external support factors, both explicit 

and implicit ones. 

RATING SCALES IN COMPARISON 

Moody's BFSR Moody's Default S&P/Fitch Default 

A Aaa AAA 

A- Aa1 AA+ 

B+ Aa2 AA 

B Aa3 AA- 

B- A1 A+ 

C+ A2 A 

C A3 A- 

C- Baa1 BBB+ 

C- Baa2 BBB 

D+ Baa3 BBB- 

D+ Ba1 BB+ 

D+ Ba2 BB 

D- Ba3 BB- 

E+ B1 B+ 

E+ B2 B 

E+ B3 B- 

E Caa1 CCC+ 

E Caa2 CCC 

E Caa3 CCC- 

Source: Rating agencies; Global Research (HVB) 


3



May 29, 2007 

Five factors for BFSR 

determination 


The BFSR includes five factors, which have different weights: franchise value 

(20%), risk positioning (20%), regulatory environment (5%), operating 

environment (5%), and financial fundamentals (50%). Within each of these 

categories, there are sub-factors (see scorecard below). 

MOODY'S BFSR SCORECARD WEIGHTS FOR BANKS IN MATURE MARKETS 

Qualitative 

Factors 

50% 

Financial 

Factors 

50% 

Franchise 

Value 

Risk 

Positioning 

Regulatory 

Environment 

Category 

Weight 


4 

Overall 

Weight 

40% 20% − Market share and sustainability 

− Geographical diversification 

− Earnings stability 

− Earnings diversification 

40% 20% − Corporate Governance 

− Controls & Risk Management 

− Financial Reporting Transparency 

− Credit Risk Concentration 

− Liquidity Management 

− Market Risk Appetite 

Sub- 

Factor 

Weight 

25% 

25% 

25% 

25% 

16.7% 

16.7% 

16.7% 

16.7% 

16.7% 

16.7% 

Overall 

Weight 

5.0% 

5.0% 

5.0% 

5.0% 

3.3% 

3.3% 

3.3% 

3.3% 

3.3% 

3.3% 

10% 5% − Regulatory Environment 100% 5.0% 

Operating 

10% 5% − Economic Stability 

33.3% 1.7% 

Environment 

− Integrity and Corruption 

33.3% 1.7% 

− Legal System 

33.3% 1.7% 

Profitability 15.75% 8% − PPP % Avg RWA 

50% 3.9% 

− Net Income % Avg RWA 

50% 3.9% 

Liquidity 15.75% 8% − (Market funds – Liquid Assets) 

36% 2.8% 

% Total Assts 

64% 5.1% 

− Liquidity Management 

Capital 

15.75% 8% − Tier 1 ratio (%) 

50% 3.9% 

Adequacy 

− Tangible Common Equity % RWA 50% 3.9% 

Efficiency 7 % 4% − Cost/income ratio 100% 3.5% 

Asset Quality 15.75% 8% − Problem Loans % Gross Loans 

− Problem Loans % (Equity + LLR) 

Lowest Score 30 % 15% − Assigned to lowest combined 

financial factor score 

Source: Moody's; Global Research (HVB) 

50% 

50% 

3.9% 

3.9% 

100% 15.0%



May 29, 2007 

Support is more than state 

support 


In its support probability methodology, Moody's not only includes sovereign 

support, but also support from sub-sovereigns, large shareholders, and mutual 

support systems. Moreover, support is not purely defined as a plain-vanilla 

capital injection, but includes things such as behind-the-scenes arrangements, 

e.g. to catalyze a merger process. For all Western European countries, Moody's 

deposit rating ceiling remains Aaa, also when the sovereign rating is lower, as 

support by the European Union can be expected for large banks. 

MOODY'S BANK RATING METHODOLOGY 

Financial 

Strength 

Rating 

(A – E) 

Issuer 

Baseline Risk 

Assessment 

(Aaa – C) 

Operating 

Parent Rating 

(Aaa-C) 

Operating 

Parent Rating 

(Aaa-C) 

Operating 

Parent Rating 

(Aaa-C) 

Source: Moody's; Global Research (HVB) 


5 

Stage 1 

Output 

(Aaa – C) 

Cooperative 

Group Rating 

(Aaa-C) 

Cooperative 

Group Rating 

(Aaa-C) 

Cooperative 

Group Rating 

(Aaa-C) 

Stage 2 

Output 

(Aaa – C) 

Regional/Local 

Government 

Rating 

(Aaa-C) 


Government 

Rating 

(Aaa-C) 


Government 

Rating 

(Aaa-C) 

Stage 3 

Output 

(Aaa – C) 

Local 

Currency 

Deposit 

Ceiling 

(Aaa-C) 

Local 

Currency 

Deposit 

Ceiling 

(Aaa-C) 

Local 

Currency 

Deposit 

Ceiling 

(Aaa-C) 

Local 

Currency 

Deposit 

Rating 

(Aaa – C)



May 29, 2007 

New notching mechanism with 

up to four notches 


Moody's also published a criteria report titled "Guidelines for Rating Bank 

Junior Securities", whose purpose is to explain Moody’s rating practices for 

junior securities issued by banks (known as “notching”) as outlined in the March 

2007 JDA for banks methodology report. While leaving the general notching 

mechanism for subordinated paper unchanged (one or two notches down from 

the senior rating, depending on the degree of subordination), Moody's stated 

that it may add one or two additional notches for weaker banks (BFSR of D+ or 

lower). Once again, the scope for rating committee judgment has increased, 

making rating forecasts harder. The notching mechanism for subordinated 

paper has also been adjusted in a way that reflects each sovereign's possibility 

to impose the depreciation of such paper. The mechanism now ranges from one 

to four notches, with up to three notches having been applied so far. 

MOODY'S NOTCHING MECHANISM FOR BANK CAPITAL 

Typical 

Regulatory 

Treatment* 

Subordinated Lower Tier II 

and Tier III** 

Junior 

Subordinated 

Preferred shares 

and other Hybrids 

with preferred 

treatment in 

bankruptcy 

and/or deeply 

subordinated debt 

Hybrids with 

meaningful 

triggers*** 


6 

Most Common Characteristics BFSR of 

A, B or C 

Dated, no interest 

deferral language, 

subordinated to 

senior and ahead of 

jr. sub. in bankruptcy, 

and preferred. Tier III 

subject to maturity 

extension. 

Upper Tier II Undated, with 

interest deferral 

language, cumulative, 

could be subordinated 

or pari passu to LT2 

but ahead or 

preferred. 

Tier I Interest deferral 

language, cumulative 

or non-cumulative, 

ranking ahead of 

equity. 

Upper Tier II 

or Tier I 

Principal 

writedown 

outside of 

liquidation 

Principal 

writedown 

outside of 

liquidation 

Notches below senior 

BFSR 

of D 

BFSR of E 

-1 -1 -1 

-1 -1 -2 

-1 -2 Closer to the BFSR 

implied rating 





up to -2 up to -3 Closer to the BFSR 


* Notching is based on differences in expected loss rather than on regulatory capital treatment because the 

regulatory specifications for such instruments vary across jurisdictions. 

** Tier III instruments are rated according to priority of claim (typically subordinated). The risk in such instruments 

of a maturity extension or interest deferral tied to meeting minimum capital requirements does not 

significantly affect expected loss. 

*** Meaningful triggers are those set at a level such that they would be breached when one of the following 

occurs: 1) the issuer is just beginning to experience financial distress (before it is in severe financial distress) or 

2) at a time when issuer may cut or eliminate its common dividend. 

Source: Moody's; Global Research (HVB)



May 29, 2007 


OUR EVALUATION OF THE NEW METHODOLOGY 

Two general problems In our view, the fact that the likelihood of implicit support cannot be 

quantified, generates two problems: 

Positive features outweigh 

shortfalls, in our view, … 

… even if the shortfalls cover 

more space for explanation 

– Moody's new ratings are criticized for being subjective as there is no 

historical or objective data base which explains the applied support 

assumptions (however, this is the same as for the other agencies, which do 

not publish their quantified assumptions). 

– No one can honestly tell whether Moody's or the others are right. This might 

be possible in five or ten years, when actual default rates can be compared to 

assigned ratings. 

Regarding Moody's new approach itself, there is both good and bad news. On 

the positive side, we see the following features: 

– Well-written, in-depth papers on both the BFSR and JDA methodology, 

covering the assessment of inherent financial strength and external support. 

– Detailed scorecard for the deviation of the BFSR rating and the support level 

leads to consistent and structured methodology. 

– Handy excel-based tools which allow for rating drivers sensitivity analyses. 

– Structured, easy to read Credit Opinions. 

The shortfalls of the new framework include: 

– Rating committees have been given larger scope for judgment, as this is 

needed to adjust the scorecard process for special situations and nonquantifiable 

inputs; however, this makes rating forecasts harder, as there is a 

range of scorecard points for each set of data (particularly regarding support). 

– In both BFSR and JDA, limits and ranges are subjective and are not explained 

by historic or objective data. 

– Moody's might be right in granting more importance to support mechanisms. 

It makes two basic assumptions: (i) it derives the general probability of a 

country to support its banks from the strength of the banking system, its 

importance to the economy, and the history of bank defaults in a very static 

manner. The problem we see here is that history is not necessarily a good 

indicator for the future; also, Moody's assumption that financial strength is 

negatively correlated to the support probability is questionable. (ii) Moody's 

estimates the probability for each bank to be supported depending on the 

bank's market share and importance to the financial system's stability. While 

the implied positive correlation is generally correct, there are two flaws, in 

our view. First, the probability brackets mentioned above are the same for all 

countries and the categorization follows a very static approach, with huge 

impacts on the final default rating. This does not recognize the fact that there 

are differences from country to country. Second, if a bank is small, the 

likelihood of it being rescued might be high, as it is easy to do it, mitigating 

the positive correlation; we should remember that support also includes 

things such as behind-the-scenes arrangements, e.g. to catalyze a merger 

process. 

– The final calibration (transition of scorecard points into rating) is problematic, 

in our view, as small assumption changes lead to huge rating differences. 


7



May 29, 2007 

Going forward, there will be no 

significant impact on secondary 

market spreads … 

… nor on primary market 

activity 

It has not become much easier 

to forecast Moody's ratings 

JDA application to other 

industries would take at least 

one year 


FAQ 

What is the implication for secondary market spreads? 

Following increased volatility after the big bang on February 23 (and even 

before that date), the situation has calmed when Moody's announced to revise its 

approach in mid-March. Going forward, the market will not adjust to spreads 

completely reflecting the new ratings for two reasons: First, there have always 

been spread differences between similarly rated banks, as the agencies' view is 

not 100% shared by the market. In the current case, the new ratings derive from 

a new methodology, and not from changed fundamentals, and are also based on 

an old story (too big to fail). Second, there are other rating agencies whose view 

is different, and which are also recognized by market participants. In this 

respect, we are interested to see the effects on Moody's Market Implied Ratings, 

which were introduced to shed some light on the differences between rating 

implied and actual spreads. Moreover, there are three other implications: (i) the 

number of split ratings increased, as has uncertainty about fair pricing; (ii) some 

small banks, as already happened, could terminate contracts with other rating 

agencies in order to improve their rating profile and save costs and time at the 

same time; (iii) new investor groups have been allowed to invest, as certain 

rating hurdles (which impose investment limitations) have been cleared. 

Is there an impact on primary market activity? 

Moody's new ratings coincided with the market correction at the end of 

February, abruptly stopping issuance activity, caused by both market 

uncertainty and hope for better finance conditions (induced by better ratings). 

Going forward, however, we do not expect any further impact. 

Has it become easier to forecast Moody's ratings? 

Not really. Although Moody's provides much insight into its scorecard weights 

for qualitative and quantitative criteria, there are numerous decisions whose 

individual result can only be forecast in a certain range. However, their effect on 

the notching scale heavily depends on the actual outcome (which to a large part 

depends on the rating committee's decision), and in combination could lead to a 

completely different picture when compared to the alternative outcome. 

Will JDA be applied for other industries? 

Limited Basel II implications What about Basel II? 

We think that the discussion 

about Moody's credibility will 

soon come to an end 

While not having concrete plans, Moody's can imagine to apply JDA to other 

sectors, such as insurance or industrials. However, it would first publish 

proposals with request for comments by market participants. 

In the standardized approach, banks have to consider the second best rating if 

there are two or three ratings. In the advanced approaches, the bank has to 

make its own assessment anyway; the better Moody's rating could serve as an 

argument only when discussing the internal ratings with the auditor and 

regulator. Hence, a strong impact is limited to the standardized approach when 

there is only a Moody's rating. 

Has Moody's lost its credibility? 

Although there has been much criticism (both justified and unjustified, in our 

view), we dare the forecast that the credibility issue will cease to exist in a few 

months time, following Moody's adjustment of its methodology. 


8



May 29, 2007 


COMPLETE NEW RATINGS LISTS 

Our core coverage only On the following pages, we provide the amended ratings of the banks in our 

core coverage universe. For better comparison, we prefer to show the ratings 

as of the JDA implementation date, not considering changes since then. In all 

tables, BFSR refers to Bank Financial Strength Rating, and LTR to the respective 

long-term rating, whatever its official definition (e.g. issuer default etc.) 

US BANKS AFFECTED BY MOODY'S JDA REVISION (MARCH 2) 

United States Company 

Ticker 

Country Moody's 

old BFSR 


9 

Moody's 

new BFSR 

Moody's 

old LTR 

Moody's 

new LTR 

(JDA) 

S&P LTR Fitch LTR 

BANK OF AMERICA CORP BAC US -- -- Aa2 Aa1 AA AA 

CITIGROUP INC C US -- -- Aa1 Aa1 AA AA+ 

JPMORGAN CHASE & CO JPM US -- -- Aa3 Aa2 AA- AA- 

Source: Rating agencies; Bloomberg; Global Research (HVB) 

SCANDINAVIAN BANKS AFFECTED BY MOODY'S JDA REVISION (APRIL 10) 

Scandinavia Company 

Ticker 


old BFSR* 

Moody's 

new BFSR 

Moody's 

old LTR 

Moody's 

new LTR 

(JDA) 


AB VOLVOFINANS VOLVAB SE C C A3 A3 -- -- 

AKTIA SAVINGS BANK PLC AKTSAV FI C C A3 A1 -- -- 

DANSKE BANK A/S DANBNK DK A- B Aa1 Aa1 AA- AA- 

DEN NORSKE BANK ASA DNBNOR NO B B Aa3 Aaa -- -- 

DNB NORBANK ASA DNBNOR NO B B- Aa3 Aa1 A+ A+ 

FIH ERHVERVSBANK A/S KAUP DK C+ C+ A1 A1 -- -- 

FOKUS BANK ASA DANBNK NO C C Aa2 Aa2 -- -- 

GLITNIR BANKI HF GLBIR IS C C A1 Aa3 A- A 

JYSKE BANK-REG JYBC DK B- B- A1 Aa2 A -- 

KAUPTHING BANK KAUP IS C C A1 Aa3 -- A 

LANDSBANKI ISLANDS HF LANISL IS C C A2 Aa3 -- A 

LANDSHYPOTEK AB LANHYP SE C+ C+ -- A2 BBB+ A+ 

LANSFORSAKRINGAR BANK LANSBK SE C- C A3 A2 A -- 

LEONIA CORPORATE BANK SHAMPO FI -- -- Aa2 Aaa -- -- 

NORDEA BANK AB NBHSS SE B B Aa3 Aa1 AA- AA- 

NORDEA BANK DANMARK A/S NBHSS DK B- B- Aa3 Aa1 AA- AA- 

NORDEA BANK FINLAND PLC NBHSS FI B B Aa3 Aa1 AA- AA- 

NORDEA BANK NORGE ASA NBHSS NO B- B- Aa3 Aa1 AA- AA- 

NORDEA BANK SWEDEN AB NBHSS SE -- -- Aa3 Aa1 -- -- 

NORGESKREDITT AS-PFD NORKRE NO -- -- A1 Aa1 -- -- 

OKO BANK PLC-A OKOBK FI B+ C+ Aa2 Aa1 AA- AA- 

SAMPO BANK PLC DANBNK FI B- B- Aa2 Aa1 AA- -- 

SKANDINAVISKA ENSKILDA BAN-A SEB SE B B- Aa3 Aa2 A+ A+ 

SPAREBANKEN MIDT-NORGE SPBKMI NO C C+ A3 Aa3 -- A- 

SPAREBANKEN NORD-NORGE SPBKND NO C C+ A3 Aa3 -- A- 

SPAREBANKEN OST SEDG NO C C A3 A1 -- -- 

SPAREBANKEN ROGALAND SPAROG NO C+ C+ A2 Aa3 -- A 

SPAREBANKEN VEST SVEG NO C C A3 A1 -- A- 

STOREBRAND BANK ASA STOBRA NO C- C- Baa2 A2 BBB+ -- 

SVENSKA HANDELSBANKEN-A SHS SVSKHB SE A- B -- Aa1 AA- AA- 

SWEDBANK AB - A SHARES SWEDA SE B B Aa3 Aa1 A+ A+ 

SWEDBANK HYPOTEK AB SWEDA SE -- -- Aa3 Aa1 -- -- 

SYDBANK A/S SYDBK DK C+ C+ A2 Aa3 -- -- 

Source: Rating agencies; Bloomberg; Global Research (HVB)



May 29, 2007 


BENELUX BANKS AFFECTED BY MOODY'S JDA REVISION (APRIL 10) 

Benelux Company 

Ticker 


old BFSR* 


10 

Moody's 

new BFSR 

Moody's 

old LTR 

Moody's 

new LTR 

(JDA) 


ABN AMRO HOLDING NV AAB NL -- -- Aa3 Aa2 -- -- 

ABN-AMRO BANK NV AAB NL B B- Aa3 Aa2 AA- AA- 

BANQUE & CAISSE EPARGNE ETAT BCEE LU B C+ Aa1 Aaa AA+ -- 

DEXIA BANK BELGIUM DEXGRP BE B B- Aa2 Aa1 AA AA+ 

DEXIA BANQUE INTL A LUXEMBOU DEXGRP LU B B- Aa2 Aa1 AA AA+ 

DEXIA CREDIT LOCAL DEXGRP FR B+ B+ Aa2 Aa1 AA AA+ 

FORTIS BANK NEDERLAND HLDG FORTIS NL B- B- Aa3 Aa2 AA- AA- 

FORTIS BANQUE - BANK - AUC FORTIS BE B B- Aa3 Aa2 AA- AA- 

FORTIS BANQUE LUXEMBOURG FORTIS LU B B Aa3 Aa2 AA- AA- 

FRIESLAND BANK FRIES NL C C A3 A2 -- A 

GARANTIBANK INTERNATIONAL NV GARAN NL C- C Baa2 A3 -- -- 

ING BANK NV INTNED NL B+ B Aa2 Aa1 AA AA 

ING BELGIUM SA/NV INTNED BE B B Aa2 Aa1 AA AA 

KBC BANK NV KRCP BE B B- Aa3 Aa2 AA- AA- 

KBC GROEP NV KRCP BE -- -- A1 Aa1 A+ AA- 

NIBC BANK NV NIBCAP NL C C -- A3 A- A 

POSTBANK GROEN NV INTNED NL -- -- Aa2 Aaa -- -- 

RABOBANK RABOBK NL A B+ Aaa Aaa AAA AA+ 

SNS BANK NV SNSBNK NL C+ C+ A2 A1 A A+ 

SNS REAAL SNSGRP NL -- -- A3 A2 A- -- 


ITALIAN, PORTUGUESE, AND SPANISH BANKS AFFECTED BY MOODY'S JDA REVISION (APRIL 13) 

Spain Company 

Ticker 


old BFSR 

Moody's 

new BFSR 

Moody's 

old LTR 

Moody's 

new LTR 

(JDA) 


BANCO BILBAO VIZCAYA ARGENTA BBVASM ES B+ B Aa2 Aa1 AA- AA- 

BANCO SANTANDER CENTRAL HISP SANTAN ES B B Aa3 Aa1 AA- AA 

CAJA DE MADRID CAJAMM ES B+ B Aa2 Aa1 AA- AA- 

LA CAIXA CAIXAB ES B+ B Aa2 Aa1 AA- AA- 

Italy 

BANCA MONTE DEI PASCHI SIENA MONTE IT B- C+ A1 Aa3 A A+ 

CAPITALIA SPA CAPIM IT C C- A2 A1 A A 

INTESA SANPAOLO ISPIM IT B B- Aa3 Aa2 AA- AA- 

UNICREDITO ITALIANO SPA CRDIT IT B- B- A1 Aa2 A+ A+ 

Portugal 

BANCO COMERCIAL PORTUGUES-R BCPN PT B- C+ A1 Aa3 A A+ 

BANCO ESPIRITO SANTO-REG ESF PT B- C+ A1 Aa3 A- A+ 

CAIXA GERAL DE DEPOSITOS-REG CXGD PT B C Aa3 Aa1 A+ AA- 




May 29, 2007 


AUSTRIAN, IRISH, SWISS, AND UK BANKS AFFECTED BY MOODY'S JDA REVISION (APRIL 20) 

Austria Company 

Ticker 


old BFSR 


11 

Moody's 

new BFSR 

Moody's 

old LTR 

Moody's 

new LTR 

(JDA) 


BANK AUSTRIA CREDITANSTALT CRDIT AT B- C+ A2 Aa2 A+ A 

BAWAG P.S.K. BANK FUER ARBEI BAWAG AT E+ E+ A3 wn A3 wn -- -- 

ERSTE BANK DER OESTER SPARK ERSTBK AT C+ C A1 Aa3 A A 

HYPO ALPE ADRIA BANK INTL AG HAA AT D- D- A2 A2 -- -- 

HYPO TIROL BANK AG LANTIR AT C C Aa1 Aa1 -- -- 

INVESTKREDIT BANK AG AUSTVB AT C- C A2 A1 -- -- 

OESTERREICH VOLKSBANKEN-PART AUSTVB AT C C A2 A2 -- A 

PFANDBRIEFSTELLE DER OESTERR POLH AT -- -- Aaa Aaa -- -- 

RAIFFEISEN ZENTRALBNK-PART A RZB AT C+ C A1 Aa2 A+ -- 

VORARLBERGER LANDES HYPOBK-P VORHYP AT C C Aa1 Aa1 -- -- 

Switzerland 

CREDIT SUISSE GROUP CS CH -- -- Aa3 Aa2 A+ AA- 

UBS AG-REG UBS CH B+ A- Aa2 Aaa AA+ AA+ 

UK 

BARCLAYS BANK PLC BACR GB A- B+ Aa1 Aa1 AA AA+ 

HBOS PLC HBOS GB -- -- Aa2 Aa2 AA- AA 

BANK OF SCOTLAND PLC HBOS GB B+ B Aa2 Aa1 AA AA+ 

HALIFAX PLC HBOS GB B+ B Aa2 Aa1 AA AA+ 

HSBC HOLDINGS PLC HSBC GB -- -- Aa2 Aa2 AA- AA 

HSBC BANK PLC HSBC GB B+ B Aa2 Aa1 AA AA 

LLOYDS TSB GROUP PLC LLOYDS GB -- -- -- -- AA- AA+ 

LLOYDS TSB BANK PLC LLOYDS GB A B+ Aaa Aaa AA AA+ 

ROYAL BANK OF SCOTLAND GROUP RBS GB -- -- Aa2 Aa1 AA- AA+ 

ROYAL BANK OF SCOTLAND BANK RBS GB A- B+ Aa2 Aaa AA AA+ 

NATWEST PLC RBS GB A- B+ Aa1 Aaa AA AA+ 

STANDARD CHARTERED PLC STANLN GB -- -- -- -- A A+ 

STANDARD CHARTERED BANK STANLN GB C+ C+ A2 A2 A+ A+ 

Ireland 

ALLIED IRISH BANKS PLC AIB IE B B- Aa3 Aa2 A+ AA- 

ANGLO IRISH BANK CORP PLC ANGIRI IE C+ C+ A2 A1 -- A+ 

BANK OF IRELAND BKIR IE B B- Aa3 Aa2 A+ AA- 

EBS BUILDING SOCIETY EBSBLD IE C+ C+ A2 A1 -- A 

IRISH LIFE & PERMANENT ILP IE B- C+ A1 Aa3 A+ -- 

IRISH NATIONWIDE BLDG SOCTY IRNWID IE C C- A3 A3 -- A 


GREEK BANKS AFFECTED BY MOODY'S JDA REVISION (APRIL 24) 

Greece Company 

Ticker 


old BFSR 

Moody's 

new BFSR 

Moody's 

old LTR 

Moody's 

new LTR 

(JDA) 


ALPHA BANK A.E. ALPHA GR C C A3 A1 BBB+ A- 

EFG EUROBANK ERGASIAS EUROB GR C+ C+ A2 Aa3 pos. A- A 

NATIONAL BANK OF GREECE NBG GR C C+ A2 Aa3 BBB+ A- 




May 29, 2007 


FRENCH AND GERMAN BANKS AFFECTED BY MOODY'S JDA REVISION (MAY 11) 

Germany Company 

Ticker 


old BFSR 


12 

Moody's 

new BFSR 

Moody's 

old LTR 

Moody's 

new LTR 

(JDA) 


BAYERISCHE HYPO-UND VEREINSB CRDIT DE D+ C- A2 A1 A A 

BAYERISCHE LANDESBANK BYLAN DE D+ C- Aa2 Aa2 A A+ 

BREMER LANDESBANK KREDITANS NDB DE C C A1 Aa2 -- A 

COMMERZBANK AG CMZB DE C+ C+ A2 Aa3 A- A 

DEKABANK DEUTSCHE GIROZENTR DEKA DE C C Aa3 Aa2 A A- 

DEUTSCHE APOTHEKER- UND AERZ DAA DE C+ C+ A2 A1 A+ A+ 

DEUTSCHE BANK AG-REGISTERED DB DE B- B Aa3 Aa1 AA- AA- 

DEUTSCHE POSTBANK AG DPW DE C+ C+ A1 Aa2 A A 

DRESDNER BANK AG ALZ DE C C A1 Aa2 A+ A 

DZ BANK AG DEUTSCHE ZENTRAL- DZBK DE C- C- A2 Aa3 A+ A+ 

HSH NORDBANK AG HSHN DE C C A1 Aa2 A A 

IKB DEUT INDUSTRIEBANK AG IKB DE B- C+ Aa3 Aa3 -- A+ 

LANDESBANK BADEN-WUERTTEMB LBBW DE B- C+ Aa1 Aa1 A+ A+ 

LANDESBANK BERLIN AG LBBER DE D+ D+ A1 A1 dev. -- BBB+ 

LANDESBANK HESSEN-THURINGEN HESLAN DE C C- Aa2 Aa2 A A+ 

LANDESBANK SAAR BYLAN DE C- C- Aa2 Aa2 -- A+ 

LANDESBANK SACHSEN GIROZENTR LBSACH DE C- C- A1 Aa2 BBB+ A+ 

LRP LANDESBANK RHEINLAND-PFA LBBW DE C C Aa2 Aa1 NR A 

NORDDEUTSCHE LANDESBK GIROZ NDB DE C- C- Aa3 Aa2 A A 

WESTLB AG WESTLB DE D- D- A1 A1 A- A- 

WGZ-BANK AG WESTDEUTSCHE GE WGZ DE C C A2 Aa3 -- A+ 

France 

BNP PARIBAS BNP FR B+ B Aa2 Aa1 AA AA 

CREDIT AGRICOLE SA ACAFP FR B+ B Aa2 Aa1 AA- AA 

SOCIETE GENERALE SOCGEN FR B+ B Aa2 Aa1 AA AA 




May 29, 2007 

Neither S&P nor Fitch intend to 

change their methodologies 

S&P's comment from February 

27, 2007 

Fitch published support rating 

floors for all banks it covers 

Support Rating Floor is the 

lowest IDR a bank could get 

based on the current level on 

assumed support 


REACTIONS BY S&P AND FITCH 

One of the most frequently asked questions over recent weeks was related to 

the other agencies' reaction. Both S&P and Fitch, as we expected, have 

stated that the importance of support they factor in their ratings is not 

subject to change. Moreover, Fitch released a detailed list of support rating 

floors; at the same time, Fitch made clear that there was no change in criteria. 

The first paragraph of S&P's seven page comment reads like this: "Potential 

external support from the government or the private sector has long been a 

basic and positive element of Standard & Poor’s Ratings Services’ credit ratings 

on banks. Nonetheless, we do not believe it possible to rigorously quantify the 

probability that a government will support a private-sector bank and ensure 

timely repayment of all its unsecured debt obligations. Our credit ratings reflect 

fundamental analysis of institution-specific and environmental factors, including 

external support." 

Fitch, the only agency that provides Support Ratings (on a 1-5 scale), aims to 

increase transparency in its move to publish its support rating floors 

(without changing its criteria). Fitch said, "The Support Rating Floor is 

expressed on the traditional 'AAA' long-term scale. It clearly indicates the level 

below which Fitch would not lower its Issuer Default rating ("IDR") in absence of 

any changes to the assumptions underpinning the bank's Support rating. In 

addition to the 'AAA' scale, there will be one additional point on the scale - "No 

Floor" - which indicates that in Fitch's opinion, there is no reasonable likelihood 

of potential support being forthcoming. In practice, this approximates to a 

probability of support of less than 40%." 

The following pages are filled with Fitch's support rating floor list. IDR is the 

Issuer Default Rating (long-term rating), Support Rating ranges from 1 (high) to 

5 (low), and Support Rating Floor is the lowest IDR a bank could be assigned 

based on the current level on assumed support. 


13



May 29, 2007 


FITCH'S SUPPORT RATING FLOORS (AS OF MARCH 16, 2007) 

Country Issuer Name IDR Support Rating Support Rating Floor 

Andorra Andorra Banc Agricol Reig A 3 BB+ 

Andorra Banca Privada d'Andorra BBB 3 BB 

Andorra Credit Andorra A 3 BB+ 

Australia Australia & New Zealand Banking Group AA- 2 BBB+ 

Australia Bank of Queensland BBB 4 B+ 

Australia Bendigo Bank Limited BBB+ 4 B+ 

Australia Commonwealth Bank Of Australia AA 2 BBB+ 

Australia Macquarie Bank Ltd. A+ 4 B+ 

Australia National Australia Bank AA 2 BBB+ 

Australia St.George Bank Limited A+ 3 BB+ 

Australia Suncorp-Metway Limited A 3 BB+ 

Australia Westpac Banking Corporation AA- 2 BBB+ 

Austria Bank Austria Creditanstalt AG A 1 A- 

Austria Erste Bank der oesterreichischen Sparkassen A 1 A- 

Austria Volksbanken Verbund A 2 BBB+ 

Belgium Dexia AA+ 1 A- 

Belgium Dexia Bank Belgium AA+ 1 A- 

Belgium Euroclear Bank AA+ 1 A- 

Belgium Fortis Bank AA- 1 A- 

Belgium ING Belgium AA 1 A- 

Belgium KBC Bank AA- 2 BBB+ 

Bermuda Bank of N.T. Butterfield & Son Limited A 3 BB- 

Canada Bank of Montreal AA- 1 A- 

Canada Bank of Nova Scotia AA- 1 A- 

Canada Canadian Imperial Bank of Commerce AA- 1 A- 

Canada Home Capital Group, Inc. BBB- 5 No Floor 

Canada Home Trust Company BBB- 5 No Floor 

Canada National Bank of Canada A+ 2 BBB- 

Canada Royal Bank of Canada AA 1 A- 

Canada Toronto-Dominion Bank AA- 1 A- 

Cyprus Bank of Cyprus Public Company Ltd A- 2 BBB 

Cyprus Hellenic Bank Ltd. BBB 2 BBB 

Cyprus Marfin Popular Bank BBB+ 2 BBB 

Denmark Danske Bank AA- 1 A- 

Denmark Nordea Bank Danmark AA- 1 A- 

Finland Nordea Bank Finland AA- 1 A- 

Finland OKO Bank plc AA- 1 A- 

Finland OP Bank Group AA- 1 A- 

France Agence Francaise de Developpement (AFD) AAA 1 AAA 

France Banque Federale des Banques Populaires A+ 2 BBB+ 

France Banque Federale Mutualiste BBB 5 No Floor 

France Banque Federative du Credit Mutuel (BFCM) AA- 2 BBB+ 

France BNP Paribas AA 1 A- 

France Caisse Centrale de Credit Immobilier de France (3CIF) (Groupe CIFD) A+ 2 BBB+ 

France Caisse des Depots et Consignations (CDC) AAA 1 AAA 

France Caisse Nationale des Caisses d'Epargne et de Prevoyance ( CNCE ) AA 1 A- 

France Credit Agricole AA 1 A- 

France Credit Agricole S.A. AA 1 A- 

France Credit Immobilier de France Developpement (CIFD) A+ 2 BBB+ 

France Dexia Credit Local AA+ 1 A- 

France Groupe Banque Populaire A+ 2 BBB+ 

France Groupe Caisse d'Epargne AA 1 A- 

(Continued on next page) 


14



May 29, 2007 


FITCH'S SUPPORT RATING FLOORS (CONTINUED) 


France Rothschild & Cie Banque A 5 No Floor 

France Societe Generale (SG) AA 1 A- 

Germany Aareal Bank AG A- 3 BB 

Germany Allgemeine Hypothekenbank Rheinboden BBB- 2 BBB- 

Germany Bayerische Hypo- und Vereinsbank AG A 1 A- 

Germany Bayerische Landesbank A+ 1 A+ 

Germany Bremer Landesbank A 1 A 

Germany Commerzbank AG A 1 A- 

Germany Debeka Bausparkasse AG A- 3 BB+ 

Germany DekaBank - Deutsche Gironzentrale A- 1 A- 

Germany Deutsche Bank AG AA- 1 A- 

Germany Deutsche Postbank A 1 A- 

Germany Dresdner Bank AG A 1 A- 

Germany Duesseldorfer Hypothekenbank AG BBB+ 3 BB+ 

Germany DZ BANK AG Deutsche Zentral-Genossenschaftsbank A+ 1 A 

Germany Genossenschaftlicher FinanzVerbund A+ 1 A 

Germany HSH Nordbank AG A 1 A 

Germany Hypo Real Estate Bank AG A- 2 BBB 

Germany KFW AAA 1 AAA 

Germany Landesbank Baden-Wuerttemberg A+ 1 A+ 

Germany Landesbank Berlin AG A 1 A 

Germany Landesbank Saar A+ 1 A+ 

Germany Landesbank Sachsen Girozentrale A+ 1 A+ 

Germany Landeskreditbank Baden-Wuerttemberg - Foerderbank AAA 1 AAA 

Germany Landwirtschaftliche Rentenbank AAA 1 AAA 

Germany LRP Landesbank Rheinland-Pfalz A 1 A 

Germany Norddeutsche Landesbank Girozentrale A 1 A 

Germany NRW.BANK AAA 1 AAA 

Germany S - Finanzgruppe Hessen-Thueringen A+ 1 A+ 

Germany Sachsen-Finanzgruppe A+ 1 A+ 

Germany Sal. Oppenheim jr. & Cie. A 4 B+ 

Germany WestLB AG A- 1 A- 

Germany Wuestenrot Bausparkasse AG A- 3 BB+ 

Greece Agricultural Bank of Greece (ATEbank) BBB+ 2 BBB+ 

Greece Alpha Bank A- 2 BBB 

Greece Aspis Bank BB+ 5 No Floor 

Greece Efg Eurobank Ergasias A 2 BBB 

Greece National Bank of Greece A- 2 BBB+ 

Greece Piraeus Bank BBB+ 3 BB+ 

Hong Kong Bank of China (Hong Kong) A 2 BBB+ 

Hong Kong Bank of East Asia A- 3 BB+ 

Hong Kong Chong Hing Bank Limited BBB+ 3 BB 

Hong Kong Citic Ka Wah Bank BBB+ 3 BB 

Hong Kong Dah Sing Bank A- 3 BB 

Hong Kong Hongkong and Shanghai Banking Corporation AA 1 A- 

Hong Kong Wing Hang Bank Limited A- 3 BB 

Iceland Glitnir Banki (Formerly known as Islandsbanki) A 2 BBB 

Iceland Kaupthing Bank hf. A 2 BBB 

Iceland Landsbanki Islands A 2 BBB 

Iceland Straumur-Burdaras Investment Bank hf. BBB- 3 BB- 

Ireland Allied Irish Banks, p.l.c. AA- 1 A- 

Ireland Anglo Irish Bank Corporation PLC A+ 3 BB+ 



15



May 29, 2007 




Ireland Bank of Ireland AA- 1 A- 

Ireland DEPFA BANK plc AA- 3 BB+ 

Ireland EBS Building Society A 3 BB+ 

Ireland Irish Nationwide Building Society A 3 BB 

Italy Banca Carige A 3 BB 

Italy Banca di Credito Popolare BBB 3 BB- 

Italy Banca IFIS S.p.A. BBB- 5 No Floor 

Italy Banca Lombarda e Piemontese A 3 BB+ 

Italy Banca Monte del Paschi di Siena A+ 2 BBB+ 

Italy Banca Popolare Vicenza A- 3 BB 

Italy Banca Popolare dell Emilia Romagna A- 3 BB+ 

Italy Banca Popolare di Intra BB 3 BB 

Italy Banca Popolare di Milano A- 3 BB+ 

Italy Banca Popolare di Sondrio A 3 BB 

Italy Banca Popolare di Verona e Novara A+ 3 BB+ 

Italy Banca Popolare Italiana BBB 3 BB+ 

Italy Banca Popolare Unite A 3 BB+ 

Italy Banca UBAE BB+ 5 No Floor 

Italy Banco Desio e Della Brianza A- 4 B+ 

Italy Capitalia S.p.A. A 2 BBB+ 

Italy Cassa Depositi e Prestiti AA- 1 AA- 

Italy Cassa di Risoarmio di Firenze A- 3 BB 

Italy Cassa di Risparmio della Provincia di Chieti Spa BBB- 3 BB- 

Italy Credem - Credito Emiliano S.p.A. A 3 BB 

Italy Intesa Sanpaolo AA- 1 A- 

Italy Meliorbanca BBB- 5 No Floor 

Italy UniCredito Italiano A+ 1 A- 

Italy Veneto Banca A- 3 BB 

Japan 77 Bank, Ltd. A- 2 BBB- 

Japan Aichi Bank Ltd. BBB+ 4 B 

Japan Akita Bank Ltd. BBB+ 2 BBB- 

Japan Aozora Bank A- 3 BB+ 

Japan Ashikaga Bank BBB- 2 BBB- 

Japan Awa Bank Ltd. A- 2 BBB- 

Japan Bank of Fukuoka BBB+ 2 BBB- 

Japan Bank of Ikeda Ltd. BBB- 4 B 

Japan Bank of Iwate Ltd. A 2 BBB- 

Japan Bank of Kyoto Ltd. A- 2 BBB- 

Japan Bank of Nagoya Ltd. BBB+ 4 B 

Japan Bank of Tokyo-Mitsubishi UFJ A 1 A- 

Japan Bank of Yokohama A 2 BBB- 

Japan Chiba Bank A- 2 BBB- 

Japan Chugoku Bank Ltd. A 2 BBB- 

Japan Chuo Mitsui Trust & Banking Company BBB+ 2 BBB+ 

Japan Daishi Bank Ltd. BBB+ 2 BBB- 

Japan Daiwa Securities Group Inc. BBB+ 5 No Floor 

Japan Eighteenth Bank, Ltd. BBB 3 BB- 

Japan Fukui Bank Ltd. BBB- 2 BBB- 

Japan Gunma Bank BBB+ 2 BBB- 

Japan Hachijuni Bank A- 2 BBB- 

Japan Higashi-Nippon Bank Ltd. BBB- 4 B 

Japan Higo Bank Ltd. A+ 2 BBB- 



16



May 29, 2007 




Japan Hiroshima Bank BBB+ 2 BBB- 

Japan Hokkaido Bank Ltd. BBB- 2 BBB- 

Japan Hokkoku Bank Ltd. BBB+ 2 BBB- 

Japan Hokuetsu Bank Ltd. BBB- 3 BB- 

Japan Hokuriku Bank BBB- 2 BBB- 

Japan Hyakugo Bank Ltd. (The) A- 2 BBB- 

Japan Hyakujushi Bank Ltd. BBB- 2 BBB- 

Japan Iyo Bank Ltd. A 2 BBB- 

Japan Joyo Bank A- 2 BBB- 

Japan Juroku Bank, Ltd. BBB 2 BBB- 

Japan Kagoshima Bank Ltd. A+ 2 BBB- 

Japan Keiyo Bank Ltd. BBB+ 3 BB- 

Japan Kita-Nippon Bank Ltd. BBB- 3 BB- 

Japan Kiyo Bank Ltd. BBB- 2 BBB- 

Japan Mitsubishi UFJ Trust and Banking Corporation A 1 A- 

Japan Miyazaki Bank Ltd. BBB 2 BBB- 

Japan Mizuho Bank A 1 A- 

Japan Mizuho Corporate Bank A 1 A- 

Japan Mizuho Financial Group A 1 A- 

Japan Mizuho Trust & Banking A 1 A- 

Japan Momiji Bank Ltd BBB+ 2 BBB- 

Japan Musashino Bank Ltd. BBB 4 B 

Japan Nanto Bank Ltd. BBB 2 BBB- 

Japan Nikko Cordial Corp BBB- 5 No Floor 

Japan Nikko Cordial Securities Inc BBB+ 4 B 

Japan Nishi-Nippon City Bank Ltd (The) BBB- 2 BBB- 

Japan Nomura Holdings Inc BBB+ 5 No Floor 

Japan Nomura Securities Co., Ltd A- 4 B 

Japan North Pacific Bank Ltd. BBB+ 2 BBB- 

Japan Ogaki Kyoritsu Bank Ltd. BBB- 3 BB- 

Japan Oita Bank Ltd. BBB+ 2 BBB- 

Japan San-In Godo Bank Ltd. A 2 BBB- 

Japan Sapporo Bank Ltd. BBB+ 2 BBB- 

Japan Shiga Bank Ltd. BBB+ 2 BBB- 

Japan Shinsei Bank, Ltd BBB+ 3 BB+ 

Japan Sumitomo Mitsui Banking Corporation A 1 A- 

Japan Sumitomo Mitsui Financial Group A 1 A- 

Japan Sumitomo Trust & Banking Company A- 2 BBB+ 

Japan Suruga Bank Ltd. BBB+ 4 B 

Japan Tochigi Bank Ltd. (The) BBB 2 BBB- 

Japan Toho Bank Ltd. BBB 2 BBB- 

Japan Yamagata Bank Ltd. A 3 BB- 

Japan Yamaguchi Bank Ltd. BBB+ 2 BBB- 

Japan Yamanashi Chuo Bank Ltd. (The) A- 2 BBB- 

Luxembourg Clearstream Banking, Luxembourg AA 1 A- 

Luxembourg Dexia Banque Internationale a Luxembourg AA+ 1 A- 

Luxembourg Espirito Santo Financial Group A- 5 No Floor 

Luxembourg Fortis Banque Luxembourg SA AA- 1 A- 

Luxembourg Investcorp SA BBB 5 No Floor 

Malta Bank of Valletta A- 2 BBB+ 

Malta Fimbank BB 5 No Floor 

Netherlands ABN AMRO Bank AA- 1 A- 



17



May 29, 2007 




Netherlands Bank Nederlandse Gemeenten AAA 1 AA 

Netherlands F. Van Lanschot Bankiers N.V. A 4 B+ 

Netherlands Fortis Bank Nederland AA- 1 A- 

Netherlands Fortis Bank Nederland (Holding) AA- 1 A- 

Netherlands Friesland Bank A+ 3 BB+ 

Netherlands ING Bank NV AA 1 A- 

Netherlands LeasePlan Corporation NV A 4 B+ 

Netherlands NIBC Bank N.V. A 5 No Floor 

Netherlands Rabobank Group AA+ 1 A- 

Netherlands SNS Bank N.V. A+ 3 BB+ 

Norway DnB NOR Bank A+ 1 A- 

Norway Eksportfinans AAA 1 AAA 

Norway Nordea Bank Norge AA- 1 A- 

Norway Sparebanken Midt-Norge A- 3 BB+ 

Norway Sparebanken Nord-Norge A- 3 BB+ 

Norway Sparebanken Rogaland A 3 BB+ 

Norway Sparebanken Vest A- 3 BB+ 

Norway Teller AS BB+ 3 BB 

Portugal Banco BPI A+ 2 BBB- 

Portugal Banco Comercial Portugues A+ 2 BBB 

Portugal Banco Espirito Santo A+ 2 BBB- 

Portugal Banco Privado Portugues BBB 5 No Floor 

Portugal Banif - Banco Internacional do Funchal BBB+ 4 B+ 

Portugal BPN SGPS, SA* BBB 5 No Floor 

Portugal BPN-Banco Portugues de Negocios, S.A. BBB 5 No Floor 

Portugal Caixa Economica Montepio Geral A- 4 B+ 

Portugal Caixa Geral de Depositos AA- 1 AA- 

San Marino Cassa di Risparmio della Repubblica di San Marino A- 3 BB+ 

Singapore DBS Bank AA- 2 BBB+ 

Singapore Oversea-Chinese Banking Corp AA- 2 BBB+ 

Singapore United Overseas Bank AA- 2 BBB+ 

Spain Banco Bilbao Vizcaya Argentaria (BBVA) AA- 1 A- 

Spain Banco Cooperativo Espanol A 3 BB+ 

Spain Banco de Sabadell A+ 3 BB+ 

Spain Banco Guipuzcoano A- 3 BB 

Spain Banco Popular Espanol AA 2 BBB 

Spain Banco Santander Central Hispano AA 1 A- 

Spain Bankinter A+ 3 BB+ 

Spain Bilbao Bizkaia Kutxa A+ 3 BB+ 

Spain Caixa de Aforros de Vigo, Ourense e Pontevedra (Caixanova) A 3 BB+ 

Spain Caixa d'Estalvis de Catalunya A 3 BB+ 

Spain Caixa d'Estalvis de Girona A- 3 BB+ 

Spain Caixa d'Estalvis de Sabadell A- 3 BB+ 

Spain Caixa d'Estalvis de Tarragona A- 3 BB+ 

Spain Caixa d'Estalvis de Terrassa A- 3 BB+ 

Spain Caixa d'Estalvis del Penedes A 3 BB+ 

Spain Caixa d'Estalvis Laietana A- 3 BB+ 

Spain Caja de Ahorros de Asturias (Caja Asturias) A 3 BB+ 

Spain Caja de Ahorros de Castilla La Mancha A 3 BB+ 

Spain Caja de Ahorros de Galicia (Caixa Galicia) A+ 3 BB+ 

Spain Caja de Ahorros de la Inmaculada de Aragon A 3 BB+ 

Spain Caja de Ahorros de Murcia A+ 3 BB+ 



18



May 29, 2007 




Spain Caja de Ahorros de Valencia, Castellon y Alicante (Bancaja) A+ 3 BB+ 

Spain Caja de Ahorros de Vitoria y Alava (Caja Vital) A 3 BB+ 

Spain Caja de Ahorros del Mediterraneo A+ 3 BB+ 

Spain Caja de Ahorros y Monte de Piedad de Cordoba (CajaSur) A- 3 BB+ 

Spain Caja de Ahorros y Monte de Piedad de Extremadura A- 3 BB+ 

Spain Caja de Ahorros y Monte de Piedad de Las Baleares (Sa Nostra) A- 3 BB+ 

Spain Caja de Ahorros y Monte de Piedad de Madrid AA- 2 BBB 

Spain Caja de Ahorros y Monte de Piedad de Navarra A 3 BB+ 

Spain Caja de Ahorros y Monte de Piedad del Circulo Catolico de Obreros de 

Burgos 


19 

A- 3 BB+ 

Spain Caja de Ahorros y Pensiones de Barcelona (la Caixa) AA- 2 BBB+ 

Spain Caja Espana de Inversiones, Caja de Ahorros y Monte de Piedad A- 3 BB+ 

Spain Caja General de Ahorros de Canarias A 3 BB+ 

Spain Caja General de Ahorros de Granada A- 3 BB+ 

Spain Caja Laboral Popular A+ 3 BB 

Spain Caja Rural de Navarra A- 3 BB 

Spain Caja Rural del Mediterraneo, Ruralcaja Sociedad Cooperativa de Credito A- 3 BB 

Spain Caja Rural del Sur, Sociedad Cooperativa de Credito A- 3 BB 

Spain Caja Rural Intermediterranea, Sociedad Cooperativa de Credito 

(Cajamar) 

A 3 BB 

Spain Caja San Fernando de Sevilla y Jerez A- 3 BB+ 

Spain Confederacion Espanola de Cajas de Ahorros AA- 2 BBB 

Spain Instituto de Credito Oficial AAA 1 AAA 

Spain Monte de Piedad y Caja de Ahorros de Huelva y Sevilla (El Monte) A- 3 BB+ 

Spain Monte de Piedad y Caja General de Ahorros de Badajoz A- 3 BB+ 

Spain Montes de Piedad y Caja de Ahorros de Ronda, Cadiz, Almeria, Malaga y 

Anteq. (Unicaja) 

A+ 3 BB+ 

Sweden Landshypotek AB A+ 3 BB+ 

Sweden Nordea Bank AB AA- 1 A- 

Sweden Skandinaviska Enskilda Banken A+ 1 A- 

Sweden Svenska Handelsbanken AA- 1 A- 

Sweden Swedbank AB A+ 1 A- 

Switzerland Credit Suisse AA- 1 A- 

Switzerland Credit Suisse Group AA- 5 No Floor 

Switzerland EFG International A 5 No Floor 

Switzerland Pictet & Cie AA- 5 No Floor 

Switzerland UBS AG AA+ 1 A- 

UK Close Brothers Limited A 5 No Floor 

UK Co-Operative Bank (The) A 3 BB+ 

UK Crown Agents Bank Limited A 2 BBB- 

UK Investec Bank (UK) Ltd BBB+ 5 No Floor 

UK N M Rothschild & Sons A 5 No Floor 

UK Schroders A+ 5 No Floor 

UK Standard Chartered Bank A+ 3 BB+ 

UK Barclays Bank PLC AA+ 1 A- 

UK HSBC Bank plc AA 1 A- 

UK HSBC Holdings Plc AA 5 No Floor 

UK Lloyds TSB Bank plc AA+ 1 A- 

UK Lloyds TSB Group plc AA+ 5 No Floor 

UK National Westminster Bank AA+ 1 A- 

UK Royal Bank of Scotland Group plc (The) AA+ 5 No Floor 

UK Royal Bank of Scotland plc (The) AA+ 1 A- 

(Continued on next page)



May 29, 2007 




UK Abbey National plc AA- 2 BBB+ 

UK Alliance & Leicester AA- 3 BB+ 

UK Bank of Scotland Plc AA+ 1 A- 

UK Bradford & Bingley A 3 BB+ 

UK Britannia Building Society A+ 3 BB+ 

UK Chelsea Building Society (The) A 3 BB 

UK Coventry Building Society A 3 BB 

UK Halifax PLC AA+ 1 A- 

UK HBOS plc AA 5 No Floor 

UK Nationwide Building Society AA- 2 BBB+ 

UK Newcastle Building Society A 3 BB 

UK Northern Rock PLC A+ 3 BB+ 

UK Portman Building Society A 3 BB+ 

UK Principality Building Society A 3 BB 

UK Skipton Building Society A 3 BB 

UK West Bromwich Building Society A 3 BB 

UK Yorkshire Building Society A+ 3 BB+ 

USA Amcore Financial Inc. BBB 5 No Floor 

USA Amcore Bank, N.A. BBB 5 No Floor 

USA American Express Company A+ 5 No Floor 

USA AmeriServ Financial, Inc BB- 5 No Floor 

USA AmeriServ Financial Bank BB 5 No Floor 

USA Associated Banc-Corp A- 5 No Floor 

USA Associated Bank, National Association A- 5 No Floor 

USA Associated Trust Company, National Association A- 5 No Floor 

USA Astoria Financial Corporation BBB+ 5 No Floor 

USA Astoria Federal Savings & Loan BBB+ 5 No Floor 

USA Bank of America Corporation AA 5 No Floor 

USA Bank of America California, National Association AA 1 A- 

USA Bank of America Georgia, N.A. AA 1 A- 

USA Bank of America Oregon, National Association AA 1 A- 

USA Bank of America Rhode Island, National Association AA 1 A- 

USA Bank of America, N.A. AA 1 A- 

USA FIA Card Services, N.A. AA 1 A- 

USA Bank of Guam BBB 4 B 

USA Bank of Hawaii Corp A- 5 No Floor 

USA Bank of Hawaii A- 5 No Floor 

USA Bank of New York Company, Inc. (The) AA- 5 No Floor 

USA Bank of New York (The) AA- 2 BBB+ 

USA Bank of New York (Delaware) AA- 2 BBB+ 

USA Bank of New York Trust Company N.A. AA- 2 BBB+ 

USA BankAtlantic Bancorp, Inc. BB+ 5 No Floor 

USA BankAtlantic FSB BB+ 5 No Floor 

USA BankUnited Financial Corporation BB+ 5 No Floor 

USA BankUnited FSB BB+ 5 No Floor 

USA BB&T Corporation AA- 5 No Floor 

USA Branch Banking and Trust Company AA- 4 B 

USA Bear Stearns Companies Inc. A+ 5 No Floor 

USA BOK Financial Corp A- 5 No Floor 

USA Bank of Oklahoma, N.A. A- 5 No Floor 

USA Bremer Financial Corporation BBB 5 No Floor 

USA Bremer Bank, Alexandria (MN), N.A. BBB 5 No Floor 



20



May 29, 2007 




USA Bremer Bank, Brainerd (MN), N.A. BBB 5 No Floor 

USA Bremer Bank, Fargo (ND), N.A. BBB 5 No Floor 

USA Bremer Bank, Grand Forks (MN), N.A. BBB 5 No Floor 

USA Bremer Bank, International Falls (MN), N.A. BBB 5 No Floor 

USA Bremer Bank, Menomonie (WI), N.A. BBB 5 No Floor 

USA Bremer Bank, South St. Paul (MN), N.A. BBB 5 No Floor 

USA Bremer Bank, St. Cloud (MN), N.A. BBB 5 No Floor 

USA Brown Bros. Harriman & Co. A+ 5 No Floor 

USA Capital One Financial Corp. BBB+ 5 No Floor 

USA Capital One Bank BBB+ 5 No Floor 

USA Capital One, FSB BBB+ 5 No Floor 

USA Capital One National Association BBB+ 5 No Floor 

USA North Fork Bancorporation, Inc. BBB+ 5 No Floor 

USA North Fork Bank BBB+ 5 No Floor 

USA Cathay General Bancorp BBB- 5 No Floor 

USA Cathay Bank BBB- 5 No Floor 

USA Central Corporate Credit Union AA- 4 B 

USA Central Credit Union Fund A 4 B 

USA Central Pacific Financial Corp. BBB 5 No Floor 

USA Central Pacific Bank BBB 5 No Floor 

USA Charles Schwab Corporation A 5 No Floor 

USA Chevy Chase Bank, F.S.B. BBB- 5 No Floor 

USA Chittenden Corporation A- 5 No Floor 

USA Bank of Western Massachusetts (The) A- 5 No Floor 

USA Chittenden Trust Company A- 5 No Floor 

USA Flagship Bank and Trust Company A- 5 No Floor 

USA Maine Bank & Trust Company A- 5 No Floor 

USA Ocean National Bank A- 5 No Floor 

USA Citigroup Inc. AA+ 5 No Floor 

USA Citibank (Banamex USA) AA+ 1 A- 

USA Citibank (South Dakota) AA+ 1 A- 

USA Citibank, N.A. AA+ 1 A- 

USA Citizens Republic Bancorp BBB 5 No Floor 

USA CB Wealth Management, National Association BBB 5 No Floor 

USA Citizens Bank BBB 5 No Floor 

USA F&M Bank-Iowa BBB 5 No Floor 

USA City National Corporation A- 5 No Floor 

USA City National Bank A- 5 No Floor 

USA Colonial BancGroup, Inc. (The) BBB 5 No Floor 

USA Colonial Bank, N.A. BBB 5 No Floor 

USA Columbia Financial, Inc. BBB 5 No Floor 

USA Columbia Bank BBB 5 No Floor 

USA Comerica Incorporated A+ 5 No Floor 

USA Comerica Bank A+ 4 B 

USA Commerce Bancorp, Inc. A- 5 No Floor 

USA Commerce Bank, N.A. A- 5 No Floor 

USA Commerce Bank/North A- 5 No Floor 

USA Commercebank Holding Corporation BBB- 5 No Floor 

USA Commercebank, NA BBB- 5 No Floor 

USA Community Bank System, Inc. BBB 5 No Floor 

USA Community Bank, N.A. BBB 5 No Floor 

USA Compass Bancshares, Inc. A- 5 No Floor 



21



May 29, 2007 




USA Compass Bank A- 5 No Floor 

USA Constitution State Corporate Credit Union A+ 4 B 

USA Countrywide Financial Corporation A 5 No Floor 

USA Countrywide Bank, N.A. A 5 No Floor 

USA Cullen/Frost Bankers, Inc. A- 5 No Floor 

USA Frost National Bank A- 5 No Floor 

USA CVB Financial Corp. BBB+ 5 No Floor 

USA Citizens Business Bank BBB+ 5 No Floor 

USA Dime Community Bancshares, Inc. BBB 5 No Floor 

USA Dime Savings Bank of Williamsburgh BBB 5 No Floor 

USA Doral Financial Corporation B+ 5 No Floor 

USA Doral Bank BB- 5 No Floor 

USA Eastern Bank Corporation BBB 5 No Floor 

USA Eastern Bank BBB 5 No Floor 

USA Eastern Corporate Federal Credit Union. AA- 4 B 

USA Emigrant Bancorp, Inc. BBB+ 5 No Floor 

USA Emigrant Bank BBB+ 5 No Floor 

USA Emigrant Mercantile Bank BBB+ 5 No Floor 

USA Emigrant Savings Bank - Bronx/Westchester BBB+ 5 No Floor 

USA Emigrant Savings Bank - Brooklyn/Queens BBB+ 5 No Floor 

USA Emigrant Savings Bank - Long Island BBB+ 5 No Floor 

USA Emigrant Savings Bank - Manhattan BBB+ 5 No Floor 

USA Fannie Mae AAA 1 AAA 

USA Fifth Third Bancorp AA- 5 No Floor 

USA Fifth Third Bank (Michigan) AA- 4 B 

USA Fifth Third Bank (Ohio) AA- 4 B 

USA First BanCorp BB 5 No Floor 

USA FirstBank Puerto Rico BB 5 No Floor 

USA First Commonwealth Financial Corporation BBB 5 No Floor 

USA First Commonwealth Bank BBB 5 No Floor 

USA First Corporate Credit Union AA- 4 B 

USA First Horizon National Corporation A 5 No Floor 

USA First Tennessee Bank, N.A. A 5 No Floor 

USA First Interstate BancSystem, Inc. BBB 5 No Floor 

USA First Interstate Bank BBB 5 No Floor 

USA First Midwest Bancorp, Inc. BBB+ 5 No Floor 

USA First Midwest Bank, N.A. BBB+ 5 No Floor 

USA First National of Nebraska, Inc. BBB 5 No Floor 

USA First National Bank (Fort Collins) BBB 5 No Floor 

USA First National Bank (North Platte) BBB 5 No Floor 

USA First National Bank of Omaha BBB 5 No Floor 

USA First Niagara Financial Group, Inc. BBB 5 No Floor 

USA First Niagara Bank BBB 5 No Floor 

USA First Niagara Commercial Bank BBB 5 No Floor 

USA First Republic Bank BBB+ 5 No Floor 

USA FirstMerit Corporation A- 5 No Floor 

USA FirstMerit Bank, N.A A- 5 No Floor 

USA Freddie Mac AAA 1 AAA 

USA Fremont General Corporation CCC- 5 No Floor 

USA Fremont Investment & Loan CCC 5 No Floor 

USA Fulton Financial Corporation A 5 No Floor 

USA Columbia Bank (The) A 5 No Floor 



22



May 29, 2007 




USA Fulton Bank A 5 No Floor 

USA Lafayette Ambassador Bank A 5 No Floor 

USA Lebanon Valley Farmers Bank A 5 No Floor 

USA Resource Bank A 5 No Floor 

USA The Bank A 5 No Floor 

USA Goldman Sachs Group, Inc. AA- 5 No Floor 

USA Greater Bay Bancorp, Inc. BBB- 5 No Floor 

USA Greater Bay Bank, NA BBB- 5 No Floor 

USA Huntington Bancshares Incorporated A 5 No Floor 

USA Huntington National Bank A 5 No Floor 

USA Independent Bank Corp. BBB- 5 No Floor 

USA Rockland Trust Co. BBB- 5 No Floor 

USA IndyMac Bancorp Inc. BBB- 5 No Floor 

USA IndyMac Bank, F.S.B. BBB- 5 No Floor 

USA Investors Financial Services Corp. A 5 No Floor 

USA Investors Bank & Trust Co. A 5 No Floor 

USA JPMorgan Chase & Co. AA- 5 No Floor 

USA Chase Bank USA, N.A. AA- 1 A- 

USA JPMorgan Chase Bank, NA AA- 1 A- 

USA KeyCorp A 5 No Floor 

USA KeyBank N.A. A 4 B 

USA Lehman Brothers Holdings Inc. A+ 5 No Floor 

USA Marshall & Ilsley Corporation A+ 5 No Floor 

USA M&I Bank FSB A+ 5 No Floor 

USA M&I Marshall & Ilsley Bank A+ 5 No Floor 

USA Southwest Bank of St. Louis A+ 5 No Floor 

USA Mellon Financial Corporation AA- 5 No Floor 

USA Mellon 1st Business Bank, N.A. AA- 3 BB+ 

USA Mellon Bank, N.A. AA- 3 BB+ 

USA Mellon Funding Corp AA- 5 No Floor 

USA Mellon Trust of New England, N.A. AA- 3 BB+ 

USA Mellon United National Bank AA- 3 BB+ 

USA Members United Corporate Federal Credit Union AA- 4 B 

USA Merrill Lynch & Co., Inc. AA- 5 No Floor 

USA Mid-Atlantic Corporate Federal Credit Union AA- 4 B 

USA Morgan Stanley AA- 5 No Floor 

USA National City Corporation AA- 5 No Floor 

USA National City Bank (Cleveland) AA- 4 B 

USA National Consumer Cooperative Bank A- 5 No Floor 

USA New York Community Bancorp BBB 5 No Floor 

USA New York Commercial Bank BBB 5 No Floor 

USA New York Community Bank BBB 5 No Floor 

USA Northern Trust Corporation AA- 5 No Floor 

USA Northern Trust Company, The AA- 3 BB+ 

USA Old National Bancorp BBB 5 No Floor 

USA Old National Bank BBB 5 No Floor 

USA Partners Trust Financial Group, Inc BBB- 5 No Floor 

USA Partners Trust Bank BBB- 5 No Floor 

USA People's Bank BBB 5 No Floor 

USA PNC Financial Services Group Inc. A 5 No Floor 

USA Annapolis Banking & Trust Co. A 4 B 

USA Citizens National Bank A 4 B 



23



May 29, 2007 




USA Farmers & Mechanics Bank A 4 B 

USA Marshall National Bank & Trust Company A 4 B 

USA Mercantile County Bank A 4 B 

USA Mercantile Eastern Shore Bank A 4 B 

USA Mercantile Peninsula Bank A 4 B 

USA Mercantile Southern Maryland Bank A 4 B 

USA Mercantile-Safe Deposit & Trust Company A 4 B 

USA National Bank of Fredericksburg A 4 B 

USA PNC Bank, Delaware A 4 B 

USA PNC Bank, N. A. A 4 B 

USA PNC Funding Corp A 5 No Floor 

USA Westminster Union Bank A 4 B 

USA Popular, Inc. A 5 No Floor 

USA Popular North America, Inc. A 5 No Floor 

USA Banco Popular de Puerto Rico A 4 B 

USA Banco Popular North America A 5 No Floor 

USA Provident Bankshares Corporation BBB- 5 No Floor 

USA Provident Bank of Maryland BBB- 5 No Floor 

USA R&G Financial Corporation BB 5 No Floor 

USA R-G Crown Bank BB 5 No Floor 

USA R-G Premier Bank BB 5 No Floor 

USA Regions Financial Corporation A+ 5 No Floor 

USA Regions Bank A+ 4 B 

USA Sky Financial Group, Inc. BBB 5 No Floor 

USA Sky Bank BBB 5 No Floor 

USA Sky Trust, National Association BBB 5 No Floor 

USA Southeast Corporate Federal Credit Union AA- 4 B 

USA Southwest Corporate Federal Credit Union AA- 4 B 

USA State Street Corporation AA- 5 No Floor 

USA State Street Bank and Trust Company AA- 2 BBB+ 

USA Sterling Bancshares, Inc. BBB- 5 No Floor 

USA Sterling Bank (TX) BBB- 5 No Floor 

USA Sterling Financial Corporation BBB- 5 No Floor 

USA Sterling Savings Bank BBB- 5 No Floor 

USA SunTrust Banks, Inc. A+ 5 No Floor 

USA SunTrust Bank A+ 3 BB- 

USA Synovus Financial Corp. A 5 No Floor 

USA Athens First Bank & Trust Co. A 5 No Floor 

USA Bank of Coweta A 5 No Floor 

USA Bank of Nashville A 5 No Floor 

USA Bank of North Georgia A 5 No Floor 

USA Bank of Pensacola A 5 No Floor 

USA Bank of Tuscaloosa A 5 No Floor 

USA CB&T Bank of Middle Georgia A 5 No Floor 

USA Citizens Bank & Trust of West Georgia A 5 No Floor 

USA Citizens First Bank A 5 No Floor 

USA Coastal Bank of Georgia A 5 No Floor 

USA Cohutta Banking Company A 5 No Floor 

USA Columbus Bank & Trust A 5 No Floor 

USA Commercial Bank A 5 No Floor 

USA Community Bank & Trust of Southeast Alabama A 5 No Floor 

USA First Commercial Bank A 5 No Floor 



24



May 29, 2007 




USA First Commercial Bank of Huntsville A 5 No Floor 

USA First Community Bank of Tifton A 5 No Floor 

USA First Nation Bank A 5 No Floor 

USA First National Bank of Jasper A 5 No Floor 

USA First State Bank and Trust Company of Valdosta A 5 No Floor 

USA Georgia Bank & Trust A 5 No Floor 

USA National Bank of South Carolina A 5 No Floor 

USA National Bank of Walton County A 5 No Floor 

USA Peachtree National Bank A 5 No Floor 

USA Sea Island Bank A 5 No Floor 

USA Security Bank & Trust Co. of Albany A 5 No Floor 

USA Sterling Bank A 5 No Floor 

USA Sumter Bank & Trust Company A 5 No Floor 

USA Synovus Bank of Tampa A 5 No Floor 

USA Tallahassee State Bank A 5 No Floor 

USA Trust One Bank A 5 No Floor 

USA Vanguard Bank & Trust Company A 5 No Floor 

USA Taylor Capital Group, Inc. BBB- 5 No Floor 

USA Cole Taylor Bank BBB- 5 No Floor 

USA TCF Financial Corporation A- 5 No Floor 

USA TCF National Bank (MN) A- 5 No Floor 

USA The South Financial Group BBB- 5 No Floor 

USA Carolina First Bank BBB- 5 No Floor 

USA Mercantile Bank BBB- 5 No Floor 

USA Trustmark Corporation A- 5 No Floor 

USA Trustmark National Bank A- 5 No Floor 

USA U.S. Bancorp AA- 5 No Floor 

USA U.S. Bank N.A. AA- 3 BB- 

USA U.S. Bank N.A. ND AA- 3 BB- 

USA U.S. Central Federal Credit Union AAA 1 AA 

USA UCBH Holdings Inc BBB 5 No Floor 

USA United Commercial Bank BBB 5 No Floor 

USA UMB Financial Corporation A+ 5 No Floor 

USA UMB Bank, National Association A+ 5 No Floor 

USA UnionBanCal Corporation A+ 5 No Floor 

USA Union Bank of California, NA A+ 4 B 

USA W.T.B. Financial Corporation BBB 5 No Floor 

USA Washington Trust Bank BBB 5 No Floor 

USA Wachovia Corporation AA- 5 No Floor 

USA Wachovia Bank of Delaware, NA AA- 2 BBB- 

USA Wachovia Bank, NA AA- 2 BBB- 

USA World Savings Bank, FSB AA- 2 BBB- 

USA World Savings Bank, FSB (Texas) AA- 2 BBB- 

USA Washington Federal Inc. A- 5 No Floor 

USA Washington Federal Savings A- 5 No Floor 

USA Washington Mutual Inc. A 5 No Floor 

USA Washington Mutual Bank A 3 BB- 

USA Webster Financial Corporation BBB 5 No Floor 

USA Webster Bank, N.A. BBB 5 No Floor 

USA Wells Fargo & Co. AA 5 No Floor 

USA Wells Fargo Bank Northwest, NA AA 2 BBB- 

USA Wells Fargo Bank, N.A. AA 2 BBB- 



25



May 29, 2007 




USA Westamerica Bancorporation A 5 No Floor 

USA Westamerica Bank A 5 No Floor 

USA Whitney Holding Corp. BBB+ 5 No Floor 

USA Whitney National Bank BBB+ 5 No Floor 

USA Wilmington Trust Corporation A+ 5 No Floor 

USA Wilmington Trust Company A+ 5 No Floor 

USA Zions Bancorporation A- 5 No Floor 

USA Amegy Bank NA A- 5 No Floor 

USA California Bank & Trust A- 5 No Floor 

USA National Bank of Arizona A- 5 No Floor 

USA Nevada State Bank A- 5 No Floor 

USA Zions First National Bank A- 5 No Floor 

Source: Fitch; Global Research (HVB) 


26



May 29, 2007 


DISCLAIMER 

This analysis was prepared by Mr. Alexander Plenk, CFA (Analyst, HVB), and was published the first time on May 29, 2007. 

Responsibility for its preparation lies with: 

a) Bayerische Hypo- und Vereinsbank AG, Am Tucherpark 16, 80538 Munich, Germany, 

Responsibility for its distribution pursuant to §34b WpHG: Bayerische Hypo- und Vereinsbank AG, Am Tucherpark 16, 80538 Munich, Germany. 

Regulatory authority: "BaFin" - Bundesanstalt für Finanzdienstleistungsaufsicht, Lurgiallee 12, 60439 Frankfurt, Germany. 

b) Bayerische Hypo- und Vereinsbank AG Milan Branch (HVB Milan), Via Tommaso Grossi, 10, 20121 Milano, Italy. 

Regulatory authority: “Banca d’Italia”, via Nazionale, 91 – 00184 Roma, Italy and Bundesanstalt für Finanzdienstleistungsaufsicht, Lurgiallee 12, 60439 Frankfurt, 

Germany. 

Recommendation rules: "Consob Rule n. 11971/1999, art. 69-quinquies and Consob Comm. n. DME/6027054 28th March 2006 

Other important notices: 

Key 1a: Bayerische Hypo- und Vereinsbank AG and/or a company affiliated with it pursuant to § 15 AktienG (German Stock Corporation Act) owns at 

least 5% of the capital stock of the company. 

Key 1b: The analyzed company owns at least 5% of the capital stock of Bayerische Hypo- und Vereinsbank AG and/or a company affiliated with it 

pursuant to § 15 AktienG (German Stock Corporation Act). 

Key 2: Bayerische Hypo- und Vereinsbank AG and/or a company affiliated with it pursuant to § 15 AktG (German Stock Corporation Act) belonged 

to a syndicate that has acquired securities of the analyzed company within the twelve months preceding publication. 

Key 3: Bayerische Hypo- und Vereinsbank AG and/or a company affiliated with it pursuant to § 15 AktG (German Stock Corporation Act) 

administers the securities issued by the analyzed company on the stock exchange or on the market by quoting bid and ask prices. 

Key 4: The analyzed company and Bayerische Hypo- und Vereinsbank AG and/or a company affiliated with it pursuant to § 15 AktG (German Stock 

Corporation Act) concluded an agreement on services in connection with investment banking transactions in the last 12 months, in return for 

which the Bank received a consideration or promise of consideration. 

Key 5: The analyzed company and Bayerische Hypo- und Vereinsbank AG and/or a company affiliated with it pursuant to § 15 AktG (German Stock 

Corporation Act) have concluded an agreement on the preparation of analyses. 

Company Key: 

Deutsche Bank 2,3; HypoVereinsbank 2,3; BANCO POPULAR ESPANOL 2,3; Royal Bank of Scotland Group 2; Bayerische Landesbank 2; Santander 

Central Hispano 2,3; WL-BANK Westfälische Landschaft Bodenkreditbank AG 2,3; Deutsche Genossenschafts Hypothekenbank AG 2,3; RCI Banque 

S.A. 2; HSBC Bank plc. 2; Mediobanca-Banca di Credito Finanziario SpA 1,3; NIBC Bank N.V. 2; NRW Bank 2,3; JPMorgan Chase & Co. 2; 

CITIGROUP 2; Allied Irish Bank 2; Société Générale 2,3; OBERBANK AG 1; Banca Monte dei Paschi di Siena 3; Berlin-Hannoversche 

Hypothekenbank AG 2,3; UNIPOL 4; ICO - Instituto de Credito Oficial 2; Alpha Bank 2; Bank of America Corp. 2,3; BANK FÜR TIROL U. 

VORARLBERG AG 1; Banca Intesa S.p.A. 2,3; Stadtsparkasse Düsseldorf 2; SEB Hypothekenbank AG 2,3; WestLB AG 2; Deutsche Hypothekenbank 

2; Erste europ. Pfandbriefe- u. Kommunalkreditbank AG 2; AyT Cédulas Cajas 2; Caixa Geral de Depositos 2; Allgemeine Hypothekenbank Rheinboden 

AG 2; BANCA POPULARE DI VERONA E NOVARA 3; ERSTE BANK DER ÖSTERREICHISCHEN SPARKASSEN 2,3; Anglo Irish Bank 2; BNP 

Paribas 2,3; Credit Agricole 2; BBVA 2; Hypo Tirol Bank AG 2; VORARLBERGER LANDES- U. HYPOPOTHEKENBANK AG 2; HSH Nordbank AG 2,3; 

Europäische Hypothekenbank S.A. 2; Eurohypo Aktiengesellschaft 2,3; Banco Santander Central Hispano 2; Hypothekenbank in Essen AG 2,3; KFW 

2,4; Münchener Hypothekenbank eG 2,3; Australia and New Zealand Banking Group 2; HSBC HOLDINGS 2; HBOS 2; DEPFA BANK plc. 2,3; Hypo 

Real Estate Holding AG 2,3; Lloyds TSB Bank plc 2; Capitalia 3; UBS AG 2; Unicredito Italiano Bank 2; Bank Austria Creditanstalt 1,2,3; Landesbank 

Baden-Württemberg (LBBW) 2,3; BKS Bank AG 1; Hypo Alpe-Adria Bank AG 2; Kommunalkredit Austria AG 2,3; Düsseldorf Hypothekenbank AG 2; 

DEUTSCHE APOTHEKER- und Ärztebank 2; L-Bank Landeskreditbank Baden-Württemberg 2; Banco Bilbao Vizcaya Argentaria SA 2,3; LRP 

Landesbank Rheinland-Pfalz Girozentrale 2; Aareal Bank 2,3; ALLIANCE & LEICESTER PLC 2; Mediolanum 3; Banco de Sabadell 2,3; Royal Bank of 

Canada 2; ABN Amro Bank N.V. 2,3,4; RAIFFEISEN INTL BK-HO. 3; Bank of Ireland Mortgage Bank 2; DnB NORBank ASA 2; IM Cedulas 2,3; 

Cedulas TDA 2; Deutsche Hypothekenbank Hannover 2,3; EFG EOBK ERG. EO 2,95 WKN:919700 2; Niederösterreichische LB Hypobank AG 2; 

Deutsche Schiffsbank 2; JYSKE Bank 2; Caixa Catalunya 2; BNL INVESTIRE IMPRESA 4; Banca Italease 2,3; Dexia Kommunalkreditbank AG 2; 

Banque Federative du Credit Mutuel 2; Hypo Pfandbriefbank International 2,3; Rabobank Nederland 2; Nederlandse Waterschapsbank 2; Commonwalth 

Bank of Australia 2; Hamburger Sparkasse 2; FHB Land Credit & Mortgage Bank 2; The Korea Development Bank 2; Caja Madrid 2,3; Banca Sella 2; 

Banca Populare Italiana 3; Banca Generali S.P.A. 1; The Export-Import Bank of Korea 2; Central Coop Bank AD ComStk 1; Baden-Württemberg 

Landeskreditbank- Förderbank 2; Stadshypotek Bank 2,3; Unione Banche Italiane 4; Morgan Stanley 2; Goldmann Sachs 2; SLM CORP. 2; LEHMAN 

BROTHERS HOLDINGS INC. 2; Merrill Lynch & Co. Inc. 2,3,4; Wüstenrot & Württembergische AG 1; DAB Bank 1; Dresdner Factoring AG 3; Allianz 

1,2,3,4; AEGON 2; ERGO 1; Uniqa Versicherungen AG 3; Swiss Re 2; Münchener Rück 2,4; AXA 3; ASSICURAZIONI GENERALI S.P.A. 1,3,4; 

ALLEANZA ASSICURAZIONI S.P.A. 1,3; CA IMMOBILIEN ANLAGEN AG 1,2,3; DIC Asset AG 3; IVG Immobilien AG 2; Colonia Real Estate 2; Adler 

Real Estate 2,3; Rücker Immobilien AG 2,3; Deutsche REIT AG 3; 

Significant financial interest: 

Bayerische Hypo- und Vereinsbank AG and companies affiliated with it regularly trade shares of the analyzed company. Analyses may refer to one or 

several companies and to the securities issued by them. The author’s remuneration has not been, and will not be, geared to the recommendations or views 

expressed in this study, neither directly nor indirectly. In some cases, the analyzed issuers have actively supplied information for this analysis. To prevent 

or remedy conflicts of interest, Bayerische Hypo- und Vereinsbank AG has established the organizational arrangements required from a legal and 

supervisory aspect, adherence to which is monitored by its Compliance department. 

The prices used in the analysis are the closing prices of the Xetra system or the closing prices of official trading on the Frankfurt Stock Exchange or the 

closing prices on the relevant local stock exchanges. In the case of unlisted stocks, the average market prices based on various major broker sources 

(OTC market) are used. 

Our recommendations are based on information available to the general public that we consider to be reliable but for the completeness and accuracy 

of which we assume no liability. We reserve the right to modify the views expressed herein at any time and without notice. Moreover, we reserve the right 

not to update this information or to discontinue it altogether without notice. The investment possibilities discussed in this report may not be suitable for 

certain investors depending on their specific investment objectives and time horizon or in the context of their overall financial situation. In particular 

the risks associated with an investment in the securities or the financial instruments under discussion are not explained in its entirety. This information 

is given without any warranty on an “as is” basis and should not be regarded as a substitute for obtaining individual advice. Please contact your 

bank’s investment advisor for individual explanations and advice. Provision of this information shall not be construed as constituting an offer to enter 

into a consulting agreement. 

You will find an overview of the breakdown in absolute and relative terms of our investment ratings on our website www.hvb.de under the heading 

“Disclaimer.” 

Our investment ratings are in principle judgments relative to an index as a benchmark. Our ratings are as follows: 

Issuer level: 

Marketweight: We recommend to have the same portfolio exposure in the name as the respective reference index (the iBoxx index universe for high-grade 

names and the ML EUR HY index for sub-investment grade names) 

Overweight: We recommend to have a higher portfolio exposure in the name as the respective reference index (the iBoxx index universe for high-grade 


Underweight: We recommend to have a lower portfolio exposure in the name as the respective reference index (the iBoxx index universe for high-grade 


Instrument level: 

Bayerische Hypo- und Vereinsbank AG, CA IB International Markets AG, Bayerische Hypo- und Vereinsbank AG Milan Branch



May 29, 2007 


Core hold: We recommend to hold the respective instrument for investors who already have exposure. 

Sell: We recommend to sell the respective instrument for investors who already have exposure. 

Buy: We recommend to buy the respective instrument for investors who already have exposure. 

Note on the bases of valuation for interest-bearing securities: 

Trading recommendations for fixed-interest securities mostly focus on the credit spread (yield difference between the fixed-interest security and the 

relevant government bond or swap rate) and on the rating views and methodologies of recognized agencies (S&P, Moody’s, Fitch). Depending on the type 

of investor, investment ratings may refer to a short period or to a 6 to 9-month horizon. 

Please note that the provision of securities services may be subject to restrictions in certain jurisdictions. You are required to acquaint yourself with local 

laws and restrictions on the usage and the availability of any services described herein. The information is not intended for distribution to or use by any 

person or entity in any jurisdiction where such distribution would be contrary to the applicable law or provisions. 

Notices required by CONSOB: 

Analyst Declaration 

The analyst/the analysts involved in the preparation of this document is/are not the beneficial owners of the securities mentioned in this document. 

All estimates and opinions included in the report represent the independent judgment of the analysts as of the date of the issue. It does not represent 

the views or opinions of the management of Bayerische Hypo- und Vereinsbank AG Milan Branch (“HVB Milan”) or any other company in or affiliated 

to the groups of which they form part. It is possible that individuals employed by HVB Milan or any other such company or affiliate may disagree with 

the opinions in this report. 

Important Disclosure 

This document has been prepared by Bayerische Hypo- und Vereinsbank AG Milan Branch, Via Tommaso Grossi, 10, 20121 Milano, Italy, duly 

authorized by the Bank of Italy to provide investment services. The company belongs to the UCI Group. Regulatory authority: “Bank of Italy”, Via 

Nazionale 91, 00184 Roma, Italy and Bundesanstalt für Finanzdienstleistungsaufsicht, Lurgiallee 12, 60439 Frankfurt, Germany. 

General Disclosure 

This document is being distributed on an irregular basis by electronic and ordinary mail to professional investors and may not be redistributed, 

reproduced or published in whole or in part. This document is for information purposes only and is not intended as an offer or solicitation of an offer to 

sell or to buy any financial instrument. Recipients should conduct their own investigation and analysis of the companies and securities referred to in 

this document and make their own investment decisions without undue reliance on its contents. 

Information, opinions, estimates and forecasts contained herein have been obtained from, or are based upon, public sources such as press and 

branch publications, financial statements, current and periodic reports, as well as meetings and telephone conversations with company 

representatives believed by HVB Milan to be reliable. However, no representation of warranty, express or implied, is made, and no responsibility or 

liability is accepted by HVB Milan, or any of their directors, officers, employees or shareholders for loss or damage of whatsoever nature in any way 

relating to reliance upon this Information. 

Information, which is not reflected in this document, may therefore be available to persons connected to HVB Milan. 

Coverage policy and frequency of reports and updates 

The companies are covered at least once a year, usually in occasion of the quarterly earning releases or the presentation of a new industrial plan and 

any time that the recommendation changes. Each analyst is assigned a group of companies belonging to the same sector. Some sectors (like banks), 

where the number of companies under coverage is particularly high, are covered by more than one analyst. 

Valuation methodology 

The methodologies used for the valuation of the credit quality (i.e. rating) evolution of a company are similar to those adopted by the main 

international rating agencies (S&P, Moody’s and Fitch). The final aim of these methodologies i s to estimate the probability of default of the issuer and 

the recovery value of its financial liabilities. The analysis is composed of different phases: 1) the business profile assessment, aimed at estimating the 

volatility of future cash flows and, hence, the level of risk of the company’s asset; 2) the financial profile analysis, aimed at estimating the company’s 

financial equilibrium and its ability of facing its liabilities redemptions and charges with the cash flow generation; 3) the liquidity analysis, aimed at 

estimating the company’s ability of facing its short-term debt with its liquid or easily cashable assets. For a better definition of a company’s credit 

profile, its current and expected credit metrics (financial ratios measuring the company’s credit quality) are compared with the peers’. Similar credit 

metrics levels and expected evolution should correspond to a similar rating. 

Our recommendations on eurobonds focus on our forecasted future movement of the credit spreads, that is to say the difference between the yield to 

maturity of the security and a risk free rate (swap or government bond rate) referable to the same maturity. The key driver of this movement is the 

evolution of the company’s rating. A comparative method is adopted: different securities having the same maturities, issued by companies that 

operate in the same sectors, with the same rating level and outlook should pay a similar credit spread. The advantage of the comparative method is 

that it incorporates the current market assessment of the value of the company’s peers. The weakness of the comparative method is the risk that the 

valuation benchmark may be mispriced. In addition to the rating evolution, other factors act on the future direction of credit spreads: the dynamics of 

government bonds interest rates; the liquidity of the system; the issuance of new Eurobonds; the offer of other alternative assets; investors’ risk 

appetite and other factors, different from the rating, that might change the demand-offer conditions. Together with the rating level and outlook, these 

additional factors are always considered, depending on their importance, when a recommendation on a Eurobond is given. 

Key to Investment Rankings 

Our investment ratings are in principle judgments relative to an index as a benchmark. Our ratings are as follows: 

Issuer level: 

Marketweight: We recommend to have the same portfolio exposure in the name as the respective reference index (the iBoxx index universe for high-grade 


Overweight: We recommend to have a higher portfolio exposure in the name as the respective reference index (the iBoxx index universe for high-grade 


Underweight: We recommend to have a lower portfolio exposure in the name as the respective reference index (the iBoxx index universe for high-grade 


Instrument level: 

Core hold: We recommend to hold the respective instrument for investors who already have exposure. 

Sell: We recommend to sell the respective instrument for investors who already have exposure. 

Buy: We recommend to buy the respective instrument for investors who already have exposure. 

Organizational and Administrative Arrangements to avoid and prevent conflicts of interest 

Conflicts of interest arising between the activities in which HVB Milan engages, are managed by legal and physical and non-physical barriers 

(collectively referred to as “Chinese walls” designed to restrict the flow of information between one area/department of HVB Milan and another. In 

particular, Investment Banking units, including corporate finance, capital market activities, financial advisory and other capital raising activities, are 

segregated by physical and non-physical boundaries from Trading units and Sales Units, as well as the equity research department. Within the 

Group, the fund management and corporate, retail and private banking arms operate through different legal entities, which reinforces the containment 

of information between entities. Disclosure of publicly available conflicts of interest and other material interests is made in the research. Analysts are 

supervised and managed on a day-to-day basis by line managers who do not have responsibility for Investment Banking activities, including 

corporate finance activities, or other activities other than the fixed income and macro economic research. The remuneration of the analyst(s) 

responsible for covering the securities in this report is not tied to investment banking transactions or services performed by HVB Milan or by the 

Group. 




May 29, 2007 


Distribution in other countries 

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Notice to U.K. residents: 

This report is intended for clients of Bayerische Hypo- und Vereinsbank AG and Bayerische Hypo- und Vereinsbank AG Milan Branch who are market 

counterparties or intermediate customers (both as defined by the “FSA”, the Financial Services Authority) and is not intended for use by any other person, 

in particular, private customers as defined by the FSA Rules. This report is not to be construed as a solicitation to buy or an offer to sell any securities. The 

information in this publication is based on carefully selected sources believed to be reliable, but we do not make any representation with respect to its 

completeness or accuracy. All opinions expressed in this report reflect our assessment at this time and are subject to change without notice. 

We and/or other members of Bayerische Hypo- und Vereinsbank Group may take a long or short position and buy or sell securities mentioned in this 

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from time to time, have a consulting relationship with a company mentioned in this report. 

The investment opportunities discussed in this report may be unsuitable for certain investors depending on their specific investment objectives and financial 

position. Investors are recommended to obtain the advice of their banker/broker about investments prior to entering into them. 

This document has been approved for distribution in UK by Bayerische Hypo- und Vereinsbank AG London branch, regulated by the FSA for the conduct of 

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investment opportunities discussed in this report may be unsuitable for certain investors depending on their specific investment objectives, risk 

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The information in this publication is based on carefully selected sources believed to be reliable, but HVB Capital does not make any representation 

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regard to the date on which you may receive such information, and are subject to change without notice. 

HVB Capital may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in this report. 

These publications reflect the different assumptions, views and analytical methods of the analysts who prepared them. Past performance should not 

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HVB Capital and any company affiliated with it may, with respect to any securities discussed herein: (a) take a long or short position and buy or sell 

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changes foreign exchange markets, changes in international and domestic financial markets and in the competitive environment, and other factors 

relating to the foregoing. All forward-looking statements contained in this report are qualified in their entirety by this cautionary statement. 




May 29, 2007 


CONTACTS 

GLOBAL RESEARCH* 

Thorsten Weinelt, CFA, Global Head of Research & Chief Strategist (HVB) 

+49 89 378-15110 

thorsten.weinelt@hvb.de 

GLOBAL CREDIT RESEARCH 

Luis Maglanoc, CFA, Head (HVB) 

+49 89 378-12708 

luis.maglanoc@hvb.de 

Credit Strategy & Structured Credit 

Dr. Jochen Felsenheimer, Head (HVB) 

+49 89 378-18188 

jochen.felsenheimer@hvb.de 

Markus Ernst (HVB) 

Structured Credit 

+49 89 378-14213 

markus.ernst01@hvb.de 

Dr. Philip Gisdakis (HVB) 

Quantitative Credit Strategy 

+49 89 378-13228 

philip.gisdakis@hvb.de 

Agnes Kitzmüller (HVB) 

Credit Strategy & Structured Credit 

+49 89 378-11294 

agnes.kitzmueller@hvb.de 

Dr. Marco Krohn (HVB) 

Structured Credit 

+49 89 378-12250 

marco.krohn@hvb.de 

Gianna Julia Wisser (HVB) 

Credit Strategy 

+49 89 378-13229 

giannajulia.wisser@hvb.de 

Financials Credit Research 

Luis Maglanoc, CFA, Head (HVB) 

Banks 

+49 89 378-12708 

luis.maglanoc@hvb.de 

Franz Rudolf, CEFA, Deputy Head (HVB) 

Covered Bonds 

+49 89 378-12449 

franz.rudolf@hvb.de 

Andrea Crepaz (HVB) 

Insurance, Banks 

+49 89 378-11432 

andrea.crepaz@hvb.de 

Florian Hillenbrand (HVB) 

Covered Bonds 

+49 89 378-12961 

florian.hillenbrand@hvb.de 

Christian Meidinger (HVB) 

Sub-Sovereigns & Agencies 

+49 89 378-16296 

Christian.meidinger@hvb.de 

Alexander Plenk, CFA (HVB) 

Banks 

+49 89 378-12429 

alexander.plenk@hvb.de 

Publication Address 

Bayerische Hypo- und Vereinsbank AG 

Global Research 

Arabellastrasse 12 

D-81925 Munich 

Tel. +49 89 378-12759 

Fax. +49 89 378-16237 

Bayerische Hypo- und Vereinsbank AG, CA IB International Markets AG, Bayerische Hypo- und Vereinsbank AG Milan Branch 

Corporate Credit Research 

Dr. Felix Fischer, CFA, Co-Head (HVB) 

General Industries, Construction & Materials, Tobacco 

+49 89 378-15449 

felix.fischer@hvb.de 

Dr. Sven Kreitmair, CFA, Co-Head (HVB) 

Automobiles & Parts, Industrial G&S, Aerospace & Defense 

+49 89 378-13246 

sven.kreitmair@hvb.de 

Jana Arndt, CFA (HVB) 

Basic Resources, Industrial G&S, Packaging 

+49 89 378-13211 

jana.arndt@hvb.de 

Alejandra Diez (HVB Milan) 

Utilities 

+39 02 8862-2036 

alejandra.diez@hvb.de 

Stephan Haber (HVB) 

Telecoms, Media, Technology 

+49 89 378-15192 

stephan.haber@hvb.de 

Carmen Hummel (HVB) 

Food & Beverage, Travel & Leisure, 

Personal & Household Goods, Retail 

+49 89 378-12252 

carmen.hummel@hvb.de 

Christian Kleindienst (HVB) 

Utilities, Oil & Gas 

+49 89 378-12650 

christian.kleindienst@hvb.de 

Jochen Schlachter (HVB) 

Chemicals, Healthcare 

+49 89 378-13212 

jochen.schlachter@hvb.de 

Dietmar Tzschentke (HVB) 

+49 89 378-12960 

dietmar.tzschentke@hvb.de 

Bloomberg 

HVCA 

Internet 

www.hvbmarkets.de 

*Global Research is the joint research department of Bayerische Hypo- und Vereinsbank AG (HVB), CA IB International Markets 

AG (CAIB), and Bayerische Hypo- und Vereinsbank AG Milan Branch (HVB Milan).

summary of moody's jda for banks - Bad Request

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